TDH shares "evaporated" more than half, Chairman of Thuduc House wants to divest 18% of capital

After the General Director resigned, another notable change at Thu Duc Housing Development Joint Stock Company was that the Chairman of the Board of Directors wanted to sell more than 18% of capital.

TDH shares "evaporated" more than half, Chairman of Thuduc House wants to divest 18% of capital

After the General Director resigned, another notable change at Thu Duc Housing Development Joint Stock Company was that the Chairman of the Board of Directors wanted to sell more than 18% of capital.

TDH shares at iced tea price, just over 2,000 VND/share

Mr. Nguyen Quang Nghia, Chairman of the Board of Directors of Thu Duc House Development Joint Stock Company (Thuduc House, code TDH, HoSE floor) announced the registration to sell nearly 20.7 million shares, equivalent to 18.4% of the capital of this enterprise.

The transaction is expected to be carried out from December 6 to January 3, 2025 through order matching and/or negotiation. If the transaction is successful, Mr. Nghia will only hold 52,200 TDH shares, equivalent to a ratio of only 0.046%.

Recently, Mr. Nguyen Hai Long has submitted his resignation from the position of General Director of Thu Duc Housing Development. The person who will replace Mr. Long in this position is Ms. Tran Thi Lien.

In his resignation letter, Mr. Nguyen Hai Long said that he was trusted by the Board of Directors to be appointed as General Director from April 15, 2024. During his tenure, he tried to complete the assigned tasks well. However, due to personal reasons, he could not continue to assume the responsibilities and tasks. He requested to resign from the position of General Director. In April, the company also recorded the resignation of Mr. Dam Manh Cuong, who had assumed the position of General Director since November 30, 2021.

The company has been regularly forced to pay taxes by the Ho Chi Minh City Tax Department related to violations in the export of electronic components in the period 2017-2019. Recently, on November 22, the company continued to receive a decision from the Ho Chi Minh City Tax Department on forced withdrawal of money from the company's account in the amount of VND 91.12 billion. These consecutive enforcement measures stem from the VAT refund fraud case involving many company leaders who were previously prosecuted and detained.

Previously, in September and October 2024, the company also received enforcement decisions from the Ho Chi Minh City Tax Department in the form of money withdrawals from the company's account, with the amounts of VND 91.16 and VND 91.15 billion, respectively. In May 2024, the company was forced by the Investment Goods Management Customs Sub-Department under the Ho Chi Minh City Customs Department to suspend customs procedures for import and export goods due to tax debts of nearly VND 91.8 billion, overdue for more than 90 days according to regulations.

Regarding business performance, according to the consolidated financial report for the third quarter of 2024, Thu Duc House Development brought in net revenue of nearly VND 6.6 billion, down 47.62% over the same period in 2023. After deducting taxes and fees, the company reported a net profit of nearly VND 29.6 billion, up 269.76%. In the first 9 months of 2024, Thu Duc House Development recorded net revenue of nearly VND 36.7 billion, down 54.83%, profit after corporate income tax reported a net loss of more than VND 3.6 billion, a loss 71.2% less than the first 9 months of 2023.

As of September 30, 2024, total assets were nearly VND 982.7 billion, down 26.31% compared to the beginning of the year, total liabilities were more than VND 661.1 billion, down 30.98%. On the stock market, TDH shares are currently trading at only VND 2,130/share, down 54% compared to the end of last year.

Source: https://baodautu.vn/co-phieu-tdh-boc-hoi-qua-nua-chu-tich-thuduc-house-muon-thoai-18-von-d231676.html