On April 16, Truong Hai Automobile Joint Stock Company ( Thaco) sent a document to the State Securities Commission and the Ho Chi Minh City Stock Exchange regarding the registration to buy 69.7 million shares of Hoang Anh Gia Lai International Agricultural Joint Stock Company (HAGL Agrico - HoSE: HNG)
Accordingly, Thaco will increase its ownership ratio at HAGL Agrico from 0 to 7.86%. Transactions are conducted by agreement or match on the exchange between April 23 and May 22.
At the close of trading on April 16, HNG's value reached VND15,000/share. Temporarily calculating the above price, Thaco will spend about 1,052 billion VND to carry out the deal to buy 7.86% of the capital at HNG.
On March 24, Hoang Anh Gia Lai Group (HAGL) and Thaco signed an additional contract appendix of the cooperation agreement between the two sides.
The initial agreement was signed in August 2018, Thaco and Hoang Anh Gia Lai Joint Stock Company - HNG's parent company, officially announced strategic cooperation.
Through a contract to buy and sell converted bonds that have not been fully distributed to existing shareholders and securities buyers, Thaco and related shareholders own 35% with a total investment capital of more than VND 3,800 billion.
According to the investment agreement, Thaco will be primarily responsible for the comprehensive restructuring of Bau Duc's agricultural company, including the debt restructuring and capital allocation to expand the fruit growing area from 12,000 hectares to 30,000 hectares.
Immediately after announcing the strategic cooperation, in September 2018, HNG shareholders approved the dismissal of Mr. Doan Nguyen Thu (brother of Chairman of Doan Nguyen Duc), Mr. Nguyen Ngoc Anh and a member of the Board of Supervisors for Ms. Nguyen Thi Hai Yen.
Along with that, HNG elected 2 new members of the Board of Directors, Mr. Nguyen Hung Minh and Mr. Tran Bao Son, members of the control board, Mr. Dang Cong Truc.
Thaco's two employees, Permanent Vice Chairman of the Board of Directors Nguyen Hung Minh and Deputy General Director Tran Bao Son, were also later introduced to the Board of Directors of HAGL Agrico.
