International Milk (IDP) of the tycoon couple Thien Kim

International Dairy Development (IDP) borrows an additional 2,100 billion VND

The IDP International Milk brand has been renamed LOF International Milk JSC (Code: IDP), a company associated with the names of the tycoon couple Thien Kim - To Hai. Recently, International Milk has approved a loan plan with a maximum loan amount of 2,100 billion VND.

According to IDP, the purpose of the loan is to supplement working capital, issue guarantees and letters of credit to serve production and business activities in the period of 2024-2025.

International Dairy Products (IDP) wants to borrow an additional VND2,100 billion. If this loan is made, the company's debt will exceed its current equity (Photo TL)

Regarding IDP's debt situation, at the end of the second quarter of 2024, the company recorded a total debt of about VND 1,253 billion. Of which, short-term debt accounted for VND 1,045 billion and long-term debt accounted for VND 208 billion.

On the cash flow statement, the company recorded VND15.6 billion in interest payments during the period. In addition, IDP recorded VND1,651 billion from borrowings and paid VND1,174 billion in principal during the business period.

At the end of Q2/2024, IDP's equity is recorded at VND 3,059 billion. Thus, if the VND 2,100 billion loan is implemented, IDP's debt will exceed its current equity.

Regarding business activities, in the first half of 2024, IDP recorded net revenue of VND 3,514 billion, profit after tax reached VND 511 billion, up 15% over the same period last year. Compared to the plan set out at the beginning of the year, IDP has completed 54% of the profit plan.

The couple of tycoon Thien Kim - To Hai and IDP

IDP International Milk is the owner of famous brands such as Kun milk, LIF and is also associated with the names of the tycoon couple Truong Nguyen Thien Kim - To Hai.

Businessman To Hai is currently the Chairman of the Board of Directors of IDP International Dairy Products Joint Stock Company (renamed LOF) with a holding of more than 8.8 million shares, equivalent to 14.31% of charter capital at IDP. Mr. To Hai is also the General Director of Vietcap Securities Joint Stock Company (VCI), holding 49.4 million shares, equivalent to 11.18% of charter capital.

Ms. Truong Nguyen Thien Kim, wife of tycoon To Hai, is also a famous figure in the investment community. Ms. Thien Kim is a member of the Board of Directors of IDP and also holds a large number of shares of Vietcap Securities. In addition, the couple of tycoons Thien Kim - To Hai are also the owners of many famous F&B brands such as Phe La, Katinat chains...

Recently, Ms. Truong Nguyen Thien Kim registered to sell up to 13.2 million VCI shares she is holding for personal needs. The registration period for sale is from September 4, 2024 to October 3, 2024. The transaction is carried out by order matching or negotiation method, estimated to earn about 623 billion VND.

If the transaction is successful, Ms. Thien Kim will reduce her holdings at VCI to 9.6 million shares, equivalent to 2.18% of charter capital. With this ownership, Ms. Kim will no longer be a major shareholder of VCI.

Not only the tycoon couple Thien Kim - To Hai have a connection with IDP, Vietcap Securities is also a shareholder of this dairy company with 8.8 million shares. VCI's capital investment in IDP recorded on the financial statement is only 49,900 VND/share.

According to the stock market record on August 30, 2024, IDP is priced at VND 271,900/share. Thus, after only 2 years of holding, Vietcap Securities' investment in IDP has increased in value 5.4 times.

Source: https://www.congluan.vn/sua-quoc-te-idp-cua-vo-chong-dai-gia-thien-kim--to-hai-vay-them-2100-ty-post309960.html