Hoang Anh Gia Lai (HAG) issues 130 million shares, unexpectedly cancels list of participating investors
As part of its plan to raise capital in the coming time, Hoang Anh Gia Lai Joint Stock Company (Code: HAG) has planned to issue individual shares to professional investors. The expected issuance volume is 130 million shares with a par value of VND10,000/share. The company is expected to earn VND1,300 billion.
In a recently published document, 3 professional investors participating in the purchase of 130 million HAG shares were revealed to be Viet Cat Fund (60 million shares), LPBank Securities (50 million shares) and Mr. Nguyen Duc Quan Tung (20 million shares).
Hoang Anh Gia Lai (HAG) suddenly canceled the list of professional investors to buy 130 million shares about to be issued (Photo TL)
However, Hoang Anh Gia Lai has just canceled the list of investors participating in the purchase of 130 million shares. The reason given is that there was an error in the information exchange process, which needs to be revised and adjusted. HAG said that information about the list of investors is expected to be announced in November or December 2023.
The story of Hoang Anh Gia Lai's stock issuance in recent days has received much attention from investors. Because the offering price was 10,000 VND/share. However, for many months, the HAG code has always remained lower than the par value of 10,000 VND/share.
In the trading session on November 24, 2023, HAG suddenly broke the peak and recorded a price of 10,400 VND/share. Thus, after more than 1 year, HAG has officially "returned to par value".
Hoang Anh Gia Lai has not announced profits for many months before issuing shares.
The time before the issuance of shares is a sensitive time for information for many businesses. Notably, in recent months, Hoang Anh Gia Lai has stopped announcing monthly profit information, different from the transparent profit announcement method that the company used to do.
Specifically, in October 2023, Hoang Anh Gia Lai's revenue reached 711 billion VND, an increase of 52.3% over the same period, equivalent to an increase of 244 billion VND.
Of which, the fruit tree segment contributed 410 billion VND, equivalent to 57.7% of total revenue. The livestock segment brought in 198 billion VND, equivalent to 27.8% of revenue. The supporting segment brought in 103 billion VND, equivalent to 14.5% of revenue.
Pig production in October reached 35,300 heads, banana and durian production reached 39,100 and 442 tons respectively.
Despite announcing positive business results in October with strong revenue growth, Hoang Anh Gia Lai continues to not announce its achieved profits.
Another notable thing is that in the past 2 years, Hoang Anh Gia Lai has continuously reported profits of hundreds of billions of VND each quarter. The most recent loss report was from the first quarter of 2021 with a loss after tax of 68.8 billion VND. Continuously reporting profits, Hoang Anh Gia Lai still has to postpone bond repayment.
Most recently, the company had to sell Hoang Anh Gia Lai Hotel at 1 Phu Dong, Phu Dong Ward, Pleiku City, Gia Lai Province to get money to pay part of the bond debt due.
In the Q3 financial report, Hoang Anh Gia Lai recorded revenue of VND1,889.4 billion, up 31.1% over the same period. Profit after tax was VND324.6 billion, up 12.2%. Explaining this result, HAG said that the sudden increase in profit was partly due to the liquidation of fixed assets, contributing VND144.1 billion.
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