THACO AUTO to sell 10% stake to strategic investors

Thursday, Jun 29, 2023 11:27

Viet Nam’s first indigenous bus factory in Quang Nam Province’s Chu Lai-Truong Hai Industrial Complex. — Photo courtesy of THACO

Truong Hai Automobile Joint Stock Company is planning to sell a 10 per cent stake in its subsidiary, THACO AUTO.

Nguyen Hung Minh, deputy chairman of THACO’s board of directors, said on June 28 that Thaco and its financial adviser HCM City Securities Corporation are working on a plan to sell the stake to strategic investors.

Meanwhile, THACO's ESOP issued in 2018 will be converted into shares to transform THACO AUTO into a public joint stock company that will be listed in the market within the next three years.

The money raised by selling the 10 per cent stake will be used to fund THACO AUTO’s production and business operations, retail network expansion and product development.

Some Vietnamese and foreign investors are in discussions with THACO to negotiate the deal, and sale is expected to be completed this year.

Responding to information that THACO has a truck factory in the northern province of Hung Yen, Minh said it is incorrect and all of its production activities take place in the Chu Lai - Truong Hai Industrial Complex in the central province of Quang Nam. — VNS

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