Ms. Dang Thi Hoang Yen's company wants to buy 5.8 million more ITA shares.

The company related to the Chairman of Tan Tao Board of Directors registered to buy an additional 5.8 million ITA shares to increase its ownership ratio to 12.46% of charter capital.

Tan Dong Phuong Construction Investment and Development Joint Stock Company registered to buy more than 5.8 million shares of Tan Tao Investment and Industry Joint Stock Company (stock code: ITA) to increase its ownership ratio. The expected transaction time is from August 26 to September 24 by negotiation.

Ms. Dang Thi Hoang Yen, Chairwoman of Tan Tao Board of Directors, is currently the General Director of Tan Dong Phuong. In addition, Mr. Nguyen Thanh Phong, General Director of Tan Tao - holds the position of Deputy General Director at this enterprise.

Based on the current value of ITA at VND3,930/share, the estimated value of Tan Dong Phuong shares purchased is about VND23 billion. If successful, Ms. Dang Thi Hoang Yen's company will increase its ownership ratio from 11.84% (111 million shares) to 12.46% (116.9 million shares).

Tan Dong Phuong decided to buy more shares in the context of ITA trading around the bottom of nearly 2 years and down about 37% compared to the beginning of the year. Previously, this major shareholder bought nearly 38 million ITA shares in early June, increasing its ownership to more than 111 million shares as of now.

From July 16, ITA shares will only be traded in the afternoon session. HoSE said the reason for the stock's restricted trading is that Tan Tao has delayed submitting its audited financial statements for 2023 by more than 45 days compared to the prescribed deadline. In addition, this stock continues to be under warning because the company has violated information disclosure four times or more within a year.

Regarding business performance, the company announced its financial report for the second quarter of 2024 with net revenue reaching VND 70.9 billion, down 13% year-on-year. Gross profit reached more than VND 30.4 billion, down 25% year-on-year. Gross profit margin for this period reached approximately 42.9%.

The company reported pre-tax profit of VND48.3 billion and after-tax profit of VND44 billion, up 65.7% and 84% respectively over the same period.

According to the explanation from Tan Tao's management, gross profit decreased compared to the same period because the company was affected by the decision to open bankruptcy proceedings by the Ho Chi Minh City People's Court, leading to banks not lending capital and many investors stopping negotiations to buy, sell, and lease land and factories. However, the company's after-tax profit still increased sharply thanks to the reversal of bad debt provisions and reduced bank loan interest.

In the first half of the year, Tan Tao recorded net revenue of more than 142 billion VND, a slight decrease compared to the same period last year. Of this, 77.5 billion VND came from service revenue and 53.8 billion VND came from leasing factory, warehouse and land operations.

Gross profit in the first 6 months of the year reached VND66.8 billion, down slightly by 3.6% year-on-year. Gross profit margin in the first half of the year was 47%, down 1.5 percentage points from the first 6 months of last year. The company reported pre-tax profit of VND70.2 billion and post-tax profit of VND64.2 billion after deducting expenses, up 46.2% and 64.6% year-on-year, respectively.

According to the plan approved at the shareholders' meeting at the end of June, Tan Tao set a target of recording revenue and income of VND530 billion this year. Pre-tax profit was VND222 billion and after-tax profit was VND178 billion. After half a year, the company has completed 26.8% of its revenue target, 31.6% of its pre-tax profit and more than 36% of its after-tax profit.

Also according to the document submitted to the annual meeting, Tan Tao's board of directors proposed that shareholders authorize the Board of Directors to divest all capital from Saigon Da Lat Joint Stock Company, Agrimeco Tan Tao Mechanical - Energy Industrial Park Joint Stock Company, Tan Tao University Joint Stock Company and Vinatex - Tan Tao Investment Joint Stock Company. At the same time, Tan Tao proposed to contribute capital to Saigon - Mekong Urban Investment Joint Stock Company to implement industrial park projects in Duc Hue district (Long An).

Tan Tao also plans to carry out investment procedures for the Tan Tao - Long An industrial park project with a total area of 414.7 hectares. The project is expected to be divided into 2 phases, of which the first phase will start in 2025 with an area of 200 hectares. The next phase is expected to be implemented from 2027 to 2030 with an area of 214.7 hectares.

In addition, the board of directors also proposed to proactively seek domestic or international financial institutions to borrow capital or issue bonds to restructure debt and supplement working capital for operations.

As of the end of the second quarter of 2024, Tan Tao had total assets of VND12,244 billion, up slightly from VND12,084 billion at the beginning of the period. Long-term liabilities accounted for approximately VND6,632 billion in the company's asset structure. Liabilities increased by 5.3% compared to the beginning of the period, from VND1,783 billion to VND1,878 billion. More than VND1,351 billion of the company's liabilities were short-term liabilities.

Source: https://baodautu.vn/cong-ty-cua-ba-dang-thi-hoang-yen-muon-mua-them-58-trieu-co-phieu-ita-d223030.html