Before the transaction was executed, Dakruco was holding a total of more than 44.5 million shares, equivalent to 60.84% of the capital at Dak Lak Rubber Investment. If successful, Dakruco's ownership ratio at DRI will decrease to 36%.
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| Dak Lak Rubber wants to reduce its ownership ratio at DRI to 36%. |
Implementing the capital transfer policy, Dak Lak Rubber Joint Stock Company (Dakruco, code DRG, UPCoM) has just continued to register to sell nearly 18.2 million shares of Dak Lak Rubber Investment Joint Stock Company (code DRI, UPCoM). The transaction is expected to be carried out from September 26 to October 25, 2024 through negotiation and order matching methods.
Before the transaction was executed, Dakruco was holding a total of more than 44.5 million shares, equivalent to 60.84% of the capital at Dak Lak Rubber Investment. If the transaction is successfully executed, Dakruco will reduce its ownership at Dak Lak Rubber Investment to nearly 26.4 million shares, equivalent to 36%.
In the middle of this year, Dakruco offered to sell nearly 22.4 million DRI shares from June 3 to July 3, 2024. However, by the end of the trading period, this unit had only sold more than 4.2 million shares due to unfavorable market conditions. After the transaction, Dakruco's ownership ratio at Dak Lak Rubber Investment decreased from 66.6% to 60.84%, equivalent to more than 44.5 million shares.
Immediately after that, Dakruco registered to sell nearly 18.2 million shares between July 10 and August 8, 2024, but failed due to unfavorable market conditions.
On May 27, Dakruco's Board of Directors approved the transfer of nearly 22.4 million DRI shares at a starting price of VND14,100 per share. Accordingly, if the transfer is successful, Dak Lak Rubber could earn nearly VND316 billion from this deal.
Recently, DRI approved the decision to extend the payment of the loan signed in 2022 for Dakruco, which is VND40 billion. Specifically, VND20 billion is extended from September 13, 2024 to December 13, 2024, VND10 billion from December 15, 2024 to March 15, 2025, and VND10 billion from January 3, 2025 to April 3, 2025. All of these payments are overdue for more than 3 months.
Regarding business results, in the first half of 2024, Dak Lak Rubber Investment Company recorded revenue of VND 180.23 billion, down 11% over the same period, profit after tax reached VND 30.33 billion, down 4.2% over the same period last year. In which, gross profit margin decreased from 34.1% to only 29.1%. By the end of the second quarter of 2024, the company had total assets of VND 608 billion, of which equity was VND 492 billion. According to the 2024 plan, the company is expected to bring in VND 445.2 billion in total revenue, of which sales revenue is VND 437.2 billion, mainly from rubber latex trading; the remaining VND 8 billion comes from financial revenue and other income. The company is expected to achieve VND 46.7 billion in profit after tax and pay dividends at a rate of 5%.
DRI's key investment activities in 2024 include investing in basic construction of rubber and durian gardens, totaling VND9.7 billion. In addition, the company also invested in basic construction totaling VND23.9 billion at DRI High-Tech Agriculture Company Limited, Daklaoruco and DRI office. On the stock market, DRI shares are trading at around VND11,800/share, an increase of about 60% compared to the end of last year.
Source: https://baodautu.vn/cao-su-dac-lak-quyet-tam-ban-tiep-gan-182-trieu-co-phieu-dri-d225807.html
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