BaF Vietnam receives transfer of 40% capital at Green Forest Production

BaF Vietnam receives transfer of 40% capital at Green Forest Production

BaF Vietnam wants to enter the rubber sector when it announced the transfer of 2.8 million shares of Green Forest Production, equivalent to 40% of the charter capital of this company.

The Board of Directors of BAF Vietnam Agricultural Joint Stock Company (stock code: BAF) has just approved the transfer of 2.8 million shares, equivalent to 40% of the charter capital of Rung Xanh Production Joint Stock Company.

BaF Vietnam will assign Ms. Bui Huong Giang, General Director of the company, to carry out the procedures and represent the capital contribution at Green Forest Production.

Green Forest Production Joint Stock Company was established on August 21, 2009 in Ea E'leo district, Dak Lak province. This company operates in the field of rubber plantation and the legal representative is Mr. Nguyen Tien Khoi (born in 1980).

In another development, BaF recently sought shareholders' opinions on approving a plan to issue individual shares in 2024, expected to be implemented in October 2024. Details of the plan have not yet been announced.

BAF wants to increase capital in the context of the company successfully offering more than 68.4 million shares at VND10,000/share, 47% lower than the closing price on July 19 (VND19,000).

The above shares are offered for sale by exercising the purchase right at a ratio of 1:0.477, equivalent to shareholders owning 10 shares being able to buy nearly 4.8 new shares.

In addition, the company has just completed the issuance of 2.6 million ESOP shares at a rate of 5% of the total outstanding shares, equivalent to more than 7,176 million shares at a price of VND 10,000/share.

ESOP shares are issued to members of the Board of Directors, members of the Board of Supervisors, key personnel and ESOP shares are restricted from transfer for 1 year from the date of issue.

Previously, on April 10, BaF Vietnam suddenly dismissed Ms. Nguyen Huynh Thanh Mai (born in 1991) from the position of Chief Accountant and appointed Ms. Nguyen Thi Quynh Nhu to replace her.

Ms. Nguyen Huynh Thanh Mai was only appointed to the position of Chief Accountant from May 29, 2023 to replace Mr. Ngo Cao Cuong. Thus, Ms. Mai has only held the position of Chief Accountant for more than 10 months.

Although BaF Vietnam has just been listed on the Ho Chi Minh City Stock Exchange since December 3, 2021, this unit has continuously changed its chief accountant. In particular, from February 2020 to March 3, 2022, Ms. Nguyen Thi Ngoc Thuy held the position of Chief Accountant, from March 3, 2022 to April 10, 2024, the Company appointed Mr. Nguyen Cao Cuong to the position of Chief Accountant.

Thus, since listing until now, BaF Vietnam has changed its chief accountant for the third time.

In the first half of the year, the company achieved net revenue of VND2,613 billion, up 8.6% over the same period. Gross profit during this period was about VND286 billion, gross profit margin reached 10.9%.

After deducting expenses, the company reported pre-tax profit of VND207 billion and after-tax profit of VND154 billion, respectively 11.3 times and 12 times higher than the same period last year.

This year, BaF Vietnam plans to increase revenue by 6.6% to VND5,543.9 billion and profit after tax is expected to increase by 893.2% to VND305.9 billion. After half a year, the company has completed 47.13% of its revenue target and 50.5% of its profit plan.

At the 2024 annual meeting, the Board of Directors said it would focus on expanding distribution channels at major supermarkets such as Big C and Aeon to bring products closer to consumers. In addition, BaF will promote cooperation with farmers to develop pig herds, contributing to improving livestock standards in Vietnam.

The company expects the total pig herd by the end of 2024 to double compared to the same period in 2023, to 75,000 sows and 800,000 pigs.

As of the end of the second quarter of 2024, BaF had total assets of VND 7,267 billion, an increase of VND 734 billion compared to the beginning of the year. Liabilities were over VND 5,204 billion, most of which were short-term debts. Owners' equity increased slightly compared to the beginning of the period, approximately VND 2,063 billion.

On the stock exchange, BAF shares have fallen 35.3% from the highest price of the year recorded in the session of May 13 (VND 29,850), down to VND 19,300. The order volume in the last 10 sessions has always been over 1 million units, with more than 10.9 million shares changing hands on the session of September 10 alone, equivalent to a value of VND 209 billion.

Source: https://baodautu.vn/baf-viet-nam-nhan-chuyen-nhuong-40-von-tai-san-xuat-rung-xanh-d224752.html