Foreign shareholders diligently register to divest capital at Vinasun

Tael Two Partners, a foreign shareholder headquartered in Singapore, has just registered to sell 1 million shares of Vietnam Sun Joint Stock Company (Vinasun, stock code: VNS) after many unsuccessful transactions due to low liquidity.

According to the announcement sent to the Ho Chi Minh City Stock Exchange, Tael Two Partners registered to sell 1 million shares by negotiation and order matching to restructure its investment portfolio. The transaction is expected to take place from March 8 to April 5. If successful, this organization will reduce its ownership in Vinasun from 12.41 million shares (equivalent to 18.3% of capital) to 11.41 million shares (equivalent to 16.82% of capital).

Previously, since October 2023, this shareholder has continuously registered to sell shares with similar volume and purpose but all have been unsuccessful. According to this shareholder's explanation, the reason for the unsuccessful transaction is low market liquidity.

On the stock exchange, Vinasun's VNS stock is maintaining a relatively exciting state when it increased 4 out of the last 6 sessions but the increase in price each session is not large. This stock closed the session on March 5 at 13,300 VND, accumulating 1.9% compared to the reference. This is the highest price range since the end of January until now of VNS stock.

However, stock liquidity has not shown any signs of improvement. The average trading volume per session in the last 10 sessions was only 17,210 shares, with 29,400 shares successfully transferred on March 5. The company's market capitalization, calculated at current market price, is VND902 billion.

Tael Two Partners is an organization with nationality in the Cayman Islands and its headquarters in Singapore. It is the largest foreign shareholder of Vinasun. Ms. Huynh Thanh Binh Minh - the authorized representative of Tael Two Partners Ltd's equity capital is holding a "seat" on the board of directors of Vinasun.

In 2023, Vinasun recorded revenue of VND 1,218 billion, up nearly 12% over the same period. Revenue from providing passenger transport services by taxi contributed VND 1,021 billion, the rest was from contracted transport and other services. The sharp increase in cost of goods sold caused Vinasun's gross profit to decrease by 14%, reaching only approximately VND 256 billion. Financial expenses increased 2.5 times over the same period, plus a jump in sales costs also significantly affected the business results for the year. Accordingly, the company reported a profit after tax of VND 150 billion, down 18% over the previous year.

This result did not complete the target of VND1,345 billion in revenue and more than VND209 billion in after-tax profit previously set by the board of directors. When setting the target, the board of directors said that although the targets were the highest since 2017, they were set at a cautious level considering the decline in consumption from the end of 2022.

The company believes that competition with technology taxis is a regular and continuous thing. However, the company is confident when recording that the number of customers using the Vinasun app has increased 5-6 times and they are "satisfied in all aspects". The company ensures that the ride-hailing app will always be updated and improved continuously.

By the end of the year, the company had total assets of VND1,653 billion, down VND183 billion compared to the beginning of the year. Long-term assets accounted for more than VND1,100 billion. The company's liabilities were more than VND485 billion, up about VND30 billion compared to the beginning of the year. The company currently has nearly VND290 billion in outstanding short- and long-term loans.

In December 2023, Vinasun experienced a change in its senior personnel. Specifically, the company's Board of Directors approved the resignation of Mr. Dang Phuoc Thanh from the position of Chairman and member of the Board of Directors for personal reasons. Mr. Thanh had held this position for 23 years. The person replacing Mr. Thanh as Chairman is Mr. Ta Long Hy, who joined the company in 2005 and officially became General Director in May 2022. Mr. Thanh's son, Dang Thanh Duy, was appointed General Director to replace Mr. Hy.

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