Thaco Group said it is planning to sell 10% of Thaco Auto shares to a partner to expand the company's showroom network nationwide and move towards making Thaco Auto a public company.
On the afternoon of June 28, Mr. Nguyen Hung Minh, Vice Chairman of the Board of Directors of Truong Hai Group Corporation (Thaco Group), said that Thaco Group and its consulting unit, Ho Chi Minh City Securities Corporation, are working with investors on a plan to issue new shares to strategic investors of up to 10% of shares of Thaco Auto Company Limited (Thaco Auto).
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Kia cars brand of Thaco Auto |
At the same time, the number of ESOP shareholders in 2018 of Thaco Group was converted to make Thaco Auto a public company and plan to list on the stock market within the next 3 years.
The capital raised from this new share issuance will be used to serve production and business activities and invest in expanding the retail system and developing new products of Thaco Auto in the coming time.
Responding to information from a foreign newspaper that Thaco Auto has a factory in Hung Yen, Mr. Minh said that this information is incorrect, because all of Thaco Auto's car manufacturing activities are only done at Chu Lai Industrial Park - Quang Nam, and there is no production elsewhere.
Currently, domestic and foreign investors are researching and working with Thaco Group to negotiate. This new share issuance is expected to be completed this year.
Thaco Auto is a subsidiary of Truong Hai Group Corporation (Thaco Group), specializing in manufacturing and distributing automobiles, including passenger cars of brands such as KIA, BMW....
In Vietnam, Thaco Auto has been the market leader in terms of sales and market share. In addition, Thaco Auto has exported more than 1,400 cars of all kinds to ASEAN countries and the world in 2020, including Kia Grand Carnival passenger cars to Thailand; Kia Cerato and Kia Soluto passenger cars to Myanmar; semi-trailers to the US, Japan, Myanmar, Thailand; and trucks to Cambodia.
In addition, Thaco Auto is also the leading manufacturer and exporter of spare parts and mechanical components in Vietnam. In 2022, Thaco Auto's export turnover of spare parts and mechanical components reached 17 million USD, an increase of 25% compared to 2019. Main export products include: passenger car bumpers, electric wires, car springs, seat covers, radiators, bus components, composite components... Main export markets are Korea, Japan, Malaysia, Italy, Russia...
Thaco Group is a multi-industry corporation, in which the main fields are automobiles, agriculture, mechanics and supporting technology, investment and construction; trade - services, logistics.
Thaco Group's equity capital by the end of 2022 reached VND48,445 billion, equivalent to an increase of nearly VND2,000 billion after one year. This is the first time Thaco Group has announced since the company revoked its public company status in May 2021.
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