Hoa Sen Holdings Group plans to sell all HSG shares

Wednesday, Jun 22, 2022 07:01

A worker checking products at a Hoa Sen Group warehouse. — VNA/VNS Photo

Hoa Sen Holdings Group has just registered to sell all 17.74 million HSG shares of Hoa Sen Group, reducing its ownership rate from 3.6 per cent to 0 per cent.

The expected transaction time is from June 23 to July 22 through the method of agreement and order matching.

The deal aims at solving the financial needs of the company.

Le Phuoc Vu, Chairman of Hoa Sen Group and Chairman of Hoa Sen Holdings Group, currently owns 84.3 million HSG shares, equivalent to a holding rate of 17.09 per cent.

On Tuesday morning, HSG shares were traded at VND14,550 per share (US$0.62 per share), a decline of 71 per cent from the peak of nearly VND50,000 per share in October 2021. It is also the lowest since the end of 2020.

At the 2022 Annual General Meeting of Shareholders, the Chairman of Hoa Sen Group said that difficulties and challenges still existed.

To continue developing, the Board of Directors has set out a strategy to maintain existing strengths, boost Hoa Sen Home chain and restructure the group towards specialisation to optimise efficiency.

In the development strategy, the company said that the Board of Directors has a policy of transforming the operating model. Specifically, the unit will convert one limited company into Hoa Sen Plastic Joint Stock Company to take over all production and business activities of the plastic segment.

In addition, it also established a new company - Hoa Sen Furniture and Building Materials Distribution JSC - to take over all business activities of the distribution, retail segments and Hoa Sen Home. VNS

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