Hoành Sơn Group raises ownership in Sao Vàng Rubber (SRC) to over 50 per cent
Hoành Sơn Group raises ownership in Sao Vàng Rubber (SRC) to over 50 per cent
Hoành Sơn Group Joint Stock Company has acquired 7.2 million shares of Sao Vàng Rubber Joint Stock Company (SRC), elevating its ownership to 14 million shares, equivalent to 50.22 per cent of the capital.
In the first nine months of 2023, Sao Vàng Rubber generated revenue of VNĐ709 billion, showing a slight increase compared to the same period last year. — Photo SRC |
As a result, it has surpassed Vinachem (with a 36 per cent stake) to become the largest shareholder of SRC.
The Chairman of the Board of Directors and General Director of Hoành Sơn Group, Phạm Hoành Sơn, also holds the position of Chairman of the Board of Directors at SRC.
The acquisition of Sao Vàng Rubber shares by Hoành Sơn Group was conducted through put-through transactions with six individuals. This includes the purchase of more than 1.3 million shares from Hồ Việt Hùng, 1.3 million shares from Nguyễn Thị Hồng, 550,000 shares from Nguyễn Tiến Dũng, and the remaining shares from Nguyễn Tiến Ngọc, Nguyễn Huy Hùng and Trần Thị Thuý Hằng.
Following the transaction, Hồ Việt Hùng's ownership was reduced to 1.28 per cent, while Nguyễn Thị Hồng and Nguyễn Tiến Dũng both decreased their ownership to 0 per cent.
Between November 29 and December 1, SRC recorded a series of put-through transactions, involving a total volume of exactly 7.2 million shares. These transactions were carried out among the aforementioned organisations and individuals. The total value of the deal exceeded VNĐ216 billion (US$8.9 million), equivalent to VNĐ30,000 per share.
On the market, SRC shares have witnessed a 70 per cent increase since the beginning of September. Starting from a price range of VNĐ17,000 per share, the current price has risen to over VNĐ29,000 per share.
Sao Vàng Rubber's business activities have experienced a decline in profits since 2009. In 2019, Việt Nam Chemical Group (Vinachem) divested 15 per cent of its capital in SRC, during which new shareholders emerged, with Hoành Sơn Group becoming the major shareholder.
In the first nine months of 2023, Sao Vàng Rubber generated revenue of VNĐ709 billion, showing a slight increase compared to the same period last year. However, due to high costs of sales, the company's after-tax profit decreased by 57 per cent, amounting to just over VNĐ16 billion.
Hoành Sơn Group, established in Hà Tĩnh in 2001, operates in various industries including fertiliser, seaport, and real estate.
