TTCS to sell stake in the industrial zone operator
TTCS to sell stake in the industrial zone operator
Thanh Thanh Cong Tay Ninh Sugar Joint Stock Company (TTCS) has announced the sale of its stake in the Thanh Thanh Cong Industrial Zone Joint Stock Company (TTCIZ).
In a statement on Wednesday, TTCS said it would offload its entire 24.5 million shares or 49 per cent stake. After the deal, TTCS will no longer be a shareholder of TTCIZ.
The company plans to sell the shares between September 2017 and June 2018 for the market price of at least VND25,000 (US$1.11) per share.
TTCIZ was founded in September 2008 as a member of TTCS. The initial price for TTCS’ investment in the industrial zone operator was VND10,000.
That put the company’s initial investment value at VND245 billion ($10.9 million). If TTCS is able to sell all of its shares, it could make at least VND367.5 billion in profit from the deal.
“The revenue from the deal will be used to provide long-term capital for the company, based on its 2020 business development strategy,” TTCS said in its statement.
TTCIZ is now administrating the Thanh Thanh Cong Tay Ninh Industrial Zone in the southern province of Tay Ninh, which covers a total area of 1,020ha, and the Expanded Tan Kim Industrial Zone in the southern province of Long An, which covers 52.48ha.
