New group of shareholders commits to holding Tasco shares for 5 years

SVC Holdings shareholders commit to keep their shares after completing the conversion to Tasco shares, with a transfer restriction period of 5 years.

On September 5, the Board of Directors of Tasco Joint Stock Company issued a resolution approving the results of issuing shares to exchange shares for shareholders of SVC Holdings Joint Stock Company.

In addition to the information on the issuance results, one of the notable contents is related to the commitment to hold shares for 5 years. Accordingly, SVC Holdings shareholders commit, after completing the conversion to Tasco shares, to restrict transfers for one year from the date of completion of the conversion issuance in accordance with the provisions of law. In addition, the group of shareholders will restrict further transfers from the second year until the 5th anniversary of the date of completion of the conversion transaction.

SVC Holdings owns Savico Hanoi Joint Stock Company - the investor of the 4.6-hectare Savico Megamall Center project in Long Bien (Hanoi). Photo: SVC Holdings — SVC Holdings owns Savico Hanoi Joint Stock Company - the investor of the 4.6-hectare Savico Megamall Center project in Long Bien, Hanoi. Photo: *SVC Holdings*

Within 5 years, shareholders can only transfer part or all of their shares within the group, or to strategic investors approved by the Tasco shareholders' meeting. New investors receiving the transfer will continue to commit to holding shares for 5 years.

Previously, on August 25, Tasco received Official Letter No. 5880 from the State Securities Commission on the issuance of individual shares to exchange shares with shareholders of SVC Holdings. Accordingly, Tasco will issue the exchange so that SVC Holdings becomes a single-member LLC with 100% capital belonging to Tasco.

According to previously announced information, Tasco's Board of Directors believes that the merger of the two organizations is aimed at achieving key goals.

Firstly, the company builds a vertically integrated business model, aiming to serve customers throughout the entire life cycle of using automobile services instead of providing a few individual services. Tasco will not only sell new and used cars, spare parts, repair and beautify cars, but also aim at value-added services such as insurance, loans, exchanging old cars for new ones, upgrading cars from popular cars to luxury cars, non-stop toll collection services, parking, fuel payment, road maintenance fees..., other products and services related to cars and car owners. The company wants to participate in a higher value chain of the automobile industry, moving more upstream through cooperation with global partners.

Second, the company creates an organization with large scale and position, enhances competitiveness, organizational building capacity, international cooperation capacity, talent attraction, application of science and technology and mobilization of large resources for development plans. According to the 2022 report, Tasco has a consolidated revenue scale of VND 26,847 billion, a total of more than VND 38,000 billion, VETC infrastructure with a market share of over 70% and nearly 3 million customers, 83 auto service showrooms, over 8,000 officers and employees and is present in 36 provinces and cities in Vietnam.

Third, businesses improve transparency, governance standards and aim for sustainable development. Integrating business segments and governance according to the regulations of a listed company, a large organization and aiming for international standards in business cooperation and capital mobilization is committed to becoming Tasco's core value.

In addition, Tasco said it will continue to maintain BOT business activities, office real estate, commercial centers, rental buildings and manage the real estate portfolio system of both SVC Holdings and Tasco before. These business activities are considered additional business segments, mainly serving the customer base of the system and are being restructured to be more streamlined and more intrinsically connected to the overall vision of this enterprise.

Hoai Phong

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