Thanh Niên Newspaper to auction shares of Thanh Niên Media Corp
Thanh Niên Newspaper to auction shares of Thanh Niên Media Corp
Thanh nien (Young people) newspaper will offer 4.8 million shares, equivalent to 11.9 per cent of its affiliate Thanh Nien Media Corp with a starting price of VND11,350 (US$0.5) per share.
The information was released by Ho Chi Minh City Stock Exchange (HoSE), the stock auction agent of the transaction.
Both domestic and foreign investors could buy unlimited stakes. The auction is expected to be held at 9.a.m on March 14.
Thanh Nien Media Corp was established in 2006 with a charter capital of VND10 billion ($428,000). After four times capital increase, the group has raised its charter capital to VND403 billion.
The firm is operating in the areas of event management, advertising, office leasing, printing and distributing newspapers and magazines. It organised beauty contests events such as Miss Universe, Miss Earth, Football Tournaments such as U19 and U21. The group also involves in a number of real estate projects.
Nguyen Cong Khe is the Chairman and General Director of the firm, owning 74.4 per cent stake. He was also the founder of Thanh Nien Newspaper, once the Editor-in-chief in the period 1991-2008.
In the first nine months of 2018, Thanh Nien Media Corp achieved net revenue of VND85 billion, down 14 per cent compared to the same period last year. It suffered a loss of VND1 billion. Total assets accounted as of September 30, 2018 reached VND588 billion.
