Hoa Binh Construction earns more than 1,000 billion VND from selling subsidiaries

Hoa Binh Construction Group has just passed a resolution to sell 100% of its capital at Matec to supplement capital for business activities.

Matec Construction Machinery Company Limited is a subsidiary, managing and operating all of Hoa Binh Group's machinery and equipment. In order to restructure the group, it has just approved the sale of 100% of its capital in Matec to an investor, Ashita Company - a business specializing in machinery trading, which bought all shares for VND1,100 billion.

Mr. Le Van Nam - General Director of Hoa Binh Group - said that the sale of the subsidiary is part of the company's restructuring plan. After completing the procedures, the above 1,100 billion VND will be added to the capital source for business activities.

Previously, on May 20, the Board of Directors of Hoa Binh also passed a resolution on transferring 100% of the capital contribution of Hoa Binh Innovation Center Company Limited to Nuance Company Limited or a third party designated by Nuance for VND 167 billion.

"Comprehensive restructuring of Hoa Binh is an urgent and necessary plan this year. We will only retain companies with effective business operations, while continuing to invest to move towards the IPO goal in the near future," said Mr. Nam.

In addition, according to this CEO, the company will transfer the financial departments of all subsidiaries and members to the group's Finance Department for centralized financial management and risk management.

According to the recently released shareholder meeting documents, this year the company aims for total revenue of VND7,500 billion and after-tax profit of VND100 billion. In addition, the company plans to submit to shareholders for approval a private issuance of 274 million shares at a minimum price of VND12,000 per share. If the issuance is successful, the minimum amount of proceeds will be VND3,288 billion to supplement business capital, swap debt with partners, pay off loans and invest in project development.

Previously, on June 1, Mr. Le Van Nam, Deputy General Director of Hoa Binh Construction Group (HBC) for the period 2014-2019, was appointed as General Director.

On February 13, after a period of internal turmoil at the top, the Hoa Binh Board of Directors decided to accept the resignation of Mr. Nguyen Cong Phu as an independent member of the Board of Directors. The company has also received the resignation of Mr. Le Quoc Duy as a member of the Board of Directors and will consider it at this year's shareholders' meeting.

Thi Ha

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