Thaco injects over VND10.5 trillion into HAGL Group (HNG) for debt restructuring
Thaco injects over VND10.5 trillion into HAGL Group (HNG) for debt restructuring
Truong Hai Auto Corporation (Thaco) over the past seven months has poured more than VND10.5 trillion into Hoang Anh Gia Lai Agricultural JSC (HNG), a subsidiary of Hoang Anh Gia Lai (HAGL) Group, allowing the firm to restructure its debts and implement other projects, the local media reported.
With the investment capital, Thaco also helped HNG switch a part of the latter’s rubber and palm farming land to fruit production for export, and apply technology to HNG’s value chains from farming to processing.
Also, Thaco Chairman Tran Ba Duong, and HAGL Group Chairman Doan Nguyen Duc on March 24 signed a contract addendum to adjust some terms for their strategic cooperation on fruit production in the coming period, with Prime Minister Nguyen Xuan Phuc witnessing. The signing ceremony took place at the Chu Lai Open Economic Zone in the central province of Quang Nam.
On the same day, Thaco began work on an agricultural and forestry industrial park project, which covers 451 hectares of land at the Chu Lai Open Economic Zone. The project, requiring total investment of over VND8 trillion, is expected to be complete in 2022.
Earlier, Thaco had inked a deal with HAGL Group to own a 35% stake in HNG on August 8 last year. The HAGL chairman said that Thaco had pledged to invest a total of VND22 trillion in HAGL Group.
With an aim to export more than 300,000 tons of fruits this year and up to one million tons by 2021, HNG has established partnerships with companies operating large supermarket chains and distributing channels in China’s Beijing, Shanghai and Qingdao.
