Billionaire Tran Ba Duong's Truong Hai Group is looking for investors to sell 10% of its shares in Thaco Auto - a subsidiary specializing in automobile manufacturing and trading.
This is a plan within the development strategy of Truong Hai Group (Thaco Group) with its subsidiaries, including Thaco Auto.
"Selling 10% of shares in Thaco Auto to strategic investors will serve production and business, invest in expanding the retail system and develop new products," Mr. Nguyen Hung Minh, Vice Chairman of the Board of Directors of Thaco Group, told VnExpress on the afternoon of June 28.
At the same time, the number of ESOP shares (shares issued by enterprises to employees) of Thaco in 2018 was converted to make Thaco Auto a public joint stock company, and there is a plan to list on the stock market in the next 3 years.
According to Thaco Vice President, a number of domestic and foreign investors are currently working with Thaco and the consulting unit - Ho Chi Minh City Securities Corporation (HSC) to explore buying shares at Thaco Auto.
Negotiations are still ongoing, no decision has been made, but Mr. Minh said, Thaco expects to complete the deal this year.
Production and assembly of Mazda cars at Thaco Auto's factory (Chu Lai Industrial Park, Quang Nam). Photo: Thaco Auto
Truong Hai Group of billionaire Tran Ba Duong is a multi-industry corporation with fields including automobiles, agriculture, mechanics and supporting industries, construction investment, logistics and trade services.
Thaco Auto - the group's main unit - is responsible for manufacturing, assembling, distributing and retailing vehicles under the brands KIA, Mazda, Peugeot, BMW... with a system of nearly 400 retail showrooms nationwide. In addition, this enterprise also develops buses under the Thaco brand. Currently, Thaco Auto has a production complex with 7 factories located in Chu Lai Industrial Park (Quang Nam).
Mr. Minh added that currently all Thaco Auto's car production activities are only done at Chu Lai Industrial Park, not elsewhere.
This year, Thaco Auto aims to sell over 120,000 vehicles, including 96,000 passenger cars, 23,500 trucks, 1,500 buses and mini buses. The company expects consolidated revenue of over VND90,000 billion, equivalent to nearly USD3.8 billion, of which VND5,200 billion will come from services. In 2022, the company will sell 111,440 vehicles, continuing to hold the largest domestic market share at 38%.
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