The gate of the Dong Van III Supporting Industrial Park, located east of the Cau Gie - Ninh Binh highway. — Photo thanhdathanam.vn

 

Taseco Land Investment JSC (Taseco Land) has recently approved a resolution for a plan to offer additional shares to existing shareholders, as sanctioned during the 2024 Annual General Meeting.

 

Under this plan, Taseco Land will issue shares equivalent to 5 per cent of the total outstanding shares. Specifically, shareholders owning 100 shares will have the right to purchase an additional five shares at a price of VNĐ10,000 each.

 

This initiative is expected to take place in the fourth quarter of 2024 and/or in 2025.

 

With 297 million shares currently outstanding, Taseco Land anticipates issuing approximately 14.85 million new shares, raising a total of VNĐ148.5 billion (US$6 million).

 

The company's shares closed Tuesday at VNĐ18,300, indicating that the offering price for existing shareholders is around 45 per cent lower than the current market price.

 

The funds raised from this offering will be fully allocated to enhance the investment capital for the project aimed at constructing and operating infrastructure in the Đồng Văn III Supporting Industrial Park, located east of the Cầu Giẽ - Ninh Bình highway. Disbursement for this project is expected to occur between the fourth quarter of 2024 and the third quarter of 2025.

 

On August 3, Taseco Land held a groundbreaking ceremony for its investment project focused on constructing and operating infrastructure in the Đồng Văn III Supporting Industrial Park.

 

This project encompasses an area of 223 hectares and involves a total investment exceeding VNĐ2.3 trillion.

 

Should the share issuance succeed, Taseco Land's charter capital will increase from VNĐ2.97 trillion to VNĐ3.1185 trillion.

 

In the first half of 2024, Taseco Land reported revenue of VNĐ939 billion, an 87 per cent increase year-on-year, but after-tax profit fell 1.7 per cent to VNĐ17 billion.

 

Financial revenue decreased by 40 per cent to VNĐ24 billion, while financial expenses surged 191 per cent to VNĐ97 billion, primarily due to rising interest costs and a foreign exchange loss of VNĐ24.49 billion.

 

For the whole year, Taseco Land aims for VNĐ3.04 trillion in revenue and VNĐ475 billion in profit after tax, with a proposed dividend of 10 per cent to 15 per.

 

By mid-2024, the company achieved only 3.6 per cent of its profit target. — VNS

 

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