Investment fund TAEL Two Partners wants to sell more than 6.4 million VNS shares of Vinasun. If successful, this foreign fund will successfully 'cut losses' by reducing its ownership ratio to 0%.
Vinasun plans to invest in 700 new Hybrid vehicles to increase competitiveness - Photo: QUANG DINH
Foreign funds want to divest all capital from Vinasun
TAEL Two Partners Investment Fund has just notified the Securities Commission of its registration to sell all of more than 6.4 million VNS shares, equivalent to 9.49% of the capital of Vietnam Sun Joint Stock Company (Vinasun).
The expected time is from November 15 to December 13 by order matching or negotiation method. Reducing the ownership ratio to 0% at Vinasun, TAEL Two Partners said "want to restructure the investment portfolio".
At the end of the session on November 15, the price of each VNS share was VND10,500, down nearly 11% after a year. Thus, if the sale is successful, Vinasun's foreign shareholders will earn about VND65 billion.
According to information from TAEL Two Partners, this fund is licensed in the Cayman Islands, headquartered in Singapore.
This fund invested in Vinasun from the end of 2013 by buying 3 million individual shares at a price of VND45,000/share.
Shortly after, this foreign shareholder bought two more batches of VNS shares at prices ranging from VND41,000 to VND48,000.
After 10 years of investing, this foreign shareholder may have received more than 140 billion VND in dividends from the Vietnamese taxi company. However, if calculated in terms of stock price, this foreign fund's investment is losing quite a lot.
TAEL Two Partners has also been divesting from VNS for nearly a year now, in the context of this taxi company's business facing many difficulties and its stock price going down.
How is Vinasun doing business?
The recently released consolidated financial report shows that Vinasun recorded VND246 billion in revenue, down 21% year-on-year. This is also the lowest revenue since the second quarter of 2022.
After deducting expenses, VNS still recorded a net profit of nearly 21 billion VND. Most of the profit came from "other income" with more than 20.1 billion VND.
According to the financial statement, the majority of VNS's other income comes from the liquidation of fixed assets (mainly old vehicles) and taxi advertising.
In the first 9 months of the year, the income from selling assets brought VNS nearly 25 billion VND, and advertising money on taxis was nearly 18 billion VND.
While gross profit from core operations was just over VND44 billion, after deducting all expenses, net profit from the taxi company's business operations was just over VND1.7 billion.
It can be seen that other income is the "support" to prevent VNS's business results from falling too deeply.
Accumulated in the first 9 months of this year, VNS's revenue reached 778 billion VND, down 17% over the same period, while after-tax profit reached nearly 60 billion VND, down 52%.
TAEL Two Partners Fund invests in Vinasun at the peak of this taxi company's business - Financial Statement Data
Business is more difficult in the context of technology car companies developing, the number of employees of VNS also decreased from 1,847 people at the end of last year to 1,655 people at the end of September this year.
Selling old cars to invest in hybrid gasoline and electric cars is Vinasun's direction this year.
According to the minutes of this year's annual general meeting of shareholders, Vinasun's board of directors shared with shareholders about investing in new vehicles in 2024 with about 700 Hybrid vehicles.
“The investment in 700 Hybrid cars as planned will cost about 630 billion to 650 billion VND. Currently, two banks are ready to finance, if conditions are favorable, the investment will be increased to 1,000 cars,” revealed a VNS leader.
Vinasun leaders also admitted that the company's market share has been affected. "There are two basic factors: the decline in user demand and competition from taxi companies in the industry. However, VNS's revenue in 2023 will still increase," said Vinasun leaders.
Source: https://tuoitre.vn/vinasun-lai-chu-yeu-tu-ban-xe-cu-va-quang-cao-co-dong-ngoai-muon-thoai-sach-von-20241117191849099.htm
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