HAGL Agrico (HNG) to sell off three subsidiaries
Hoang Anh Gia Lai Agricultural Joint Stock Company will sell three of its rubber and dairy subsidiaries to Thadi, a subsidiary of Truong Hai Auto Corporation.
Mango is among the fruits grown by HAGL Agrico. Photo courtesy of HAGL Agrico.
HAGL Agrico announced at an extraordinary general meeting that it would sell 100 percent of Hoang Anh Quang Minh Rubber Company and Highland Dairy Cattle Company, and 99.97 percent of woodwork producer Hoang Anh Dak Lak Joint Stock Company.
In December, it had sold rubber producer An Dong Mia One Member Company Limited to Truong Hai Agricultural Joint Stock Company, as Thadi is formally known.
HAGL Agrico has 10 more subsidiaries, most of them established in Attepeu (Laos) and Ratanakiri (Cambodia). It also plans to make a private placement of 741 million shares for VND7.41 trillion ($321 million).
It will use VND5.5 trillion ($238.3 million) from the proceeds to pay off a loan it obtained from Thadi.
THACO chairman Tran Ba Duong, and THACO shareholder Tran Bao Son have been named to the HAGL Agrico board of directors for a five-year-term.