Vincom Retail officially leave Vingroup, new investors appear

Monday, Apr 08, 2024 13:35

Vincom Shopping Mall on Phạm Ngọc Thạch Street, Hà Nội. — VNS Photo Mai Hương

Vingroup JSC has announced that Vincom Retail is no longer its subsidiary.

It has successfully transferred 55 per cent of charter capital of SDI Trading Development and Investment JSC, which owns 99 per cent of the charter capital of Sado Trading Commercial JSC.

Since Sado is a major shareholder of Vincom Retail with a 41.5 per cent ownership stake in the charter capital, the completion of this transaction means that Sado and Vincom Retail are no longer subsidiaries of Vingroup.

Vingroup maintains a direct ownership stake of 18.4 per cent in Vincom Retail.

On March 18, Vingroup announced its intention to sell the entire 100 per cent stake in SDI. The divestment aims to optimise the conglomerate’s capital allocation by transitioning from stable business sectors to high-growth potential areas and providing additional funds for the company’s operations, including debt repayment.

Vietcap Securities JSC projected the transfer value of SDI's 100 per cent equity to be VNĐ39.08 trillion (US$1.57 billion). The amount includes SDI's actual ownership in Vincom Retail and the minority shareholder benefits of SDI in the Vũ Yên and Hạ Long Xanh projects.

According to Vietcap, following the divestment, Vingroup will enter into management contracts with Vincom Retail for the operational shopping centres. Vingroup will assume the responsibility of managing the centres on behalf of Vincom Retail, ensuring that the rights of tenants and store owners are protected as stated in the signed contracts.

As stated in Vincom’s 2024 Annual General Meeting documents, the company will proceed with the election of new members to the Board of Directors for the term 2023-2028. This includes the removal of two current Board members, Thái Thị Thanh Hải and Lê Mai Lan, and the appointment of Nguyễn Hoài Nam as their replacement.

New shareholders appear

According to the revised business registration documents of SDI on April 4, four businesses in HCM City have acquired a 55 per cent stake in the company.

Among them, Thien Phuc Service and Trading Development Investment Company and NP Business Investment JSC each contributed nearly VNĐ1.4 trillion, representing a 16 per cent ownership stake for each company.

Falcon Investment and Development Company Limited holds a 12.5 per cent stake with VNĐ1.1 trillion, while Emerald Business Investment and Development Company spends over VNĐ910 billion to buy a 10.5 per cent ownership stake.

Notably, Thien Phuc, Falcon and Emerald were all newly established on February 23 with a registered capital of only VNĐ20 billion. However, by the end of March, these companies collectively increased their registered capital.

Specifically, Thien Phuc raised its charter capital to nearly VNĐ1.3 trillion, while Falcon’s charter capital increased to VNĐ887 billion and Emerald raised its charter capital to over VNĐ1.1 trillion.

The remaining shareholder is NP Company, which was established in late 2023 with registered capital of VNĐ505 billion, fully owned by NP Investment Company Limited. On March 18, this company increased its registered capital to nearly VNĐ1.3 trillion.

Regarding NP Investment, it was founded in December 2005, with Phương Anh Phát serving as the director and legal representative. As of April 2023, Phát held a 40 per cent stake in the registered capital, while Nam held a 60 per cent stake.

Nam is also among the individuals who acquired Vincom Retail shares from Vingroup as an individual investor.

Currently, Vingroup and its subsidiaries still hold 45 per cent of the remaining shares of SDI. Of which, Vingroup directly holds over 15.7 per cent of the registered capital, and Ngoc Viet Commerce and Trading JSC, a company 99 per cent owned by Vingroup, holds over 29.2 per cent.

Vincom Security Services Company Limited owns 0.006 per cent of the capital and Vinbus holds 0.006 per cent.

On the stock market, Vingroup's shares closed last week at VNĐ47,800 a share while stocks of Vincom Retail were last traded at VNĐ24,700 per share. — VNS

Comments (0)