Tasco plans $19.7m bond issuance
Tasco plans $19.7m bond issuance
Tasco JSC has outlined a strategic move to issue VNĐ500 billion (US$19.7 million) in bonds and transfer its entire capital stake in Ana Services Co Ltd.
By the end of the first nine months of 2024, Tasco completed 25.2 per cent of its 2024 plan. — Photo tasco.com.vn |
Tasco JSC has outlined a strategic move to issue VNĐ500 billion (US$19.7 million) in bonds and transfer its entire capital stake in Ana Services Co., Ltd.
The company aims to transfer the stake to interested partners, having entrusted the CEO to actively seek potential transferees for this capital share.
As of September 30, Tasco currently holds a 100 per cent stake in Ana Services, a service-oriented entity based in Hà Nội, with financial details on the investment yet to be disclosed.
In its semi-annual financial report for 2024, Tasco revealed that as of June 30, it had invested VNĐ15 billion in Ana Services, with a provision for asset depreciation amounting to VNĐ860 million.
Additionally, Tasco plans to raise new capital through the issuance of non-convertible bonds backed by secured assets, with a maximum issuance value of VNĐ500 billion. The collateral includes common shares held by Tasco in Tasco Auto JSC to secure the bond obligations.
Moreover, Tasco Land Limited Company will provide payment guarantees for all obligations related to the bonds.
Tasco had invested in Tasco Auto with a 100 per cent stake in the charter capital, totalling over VNĐ15.28 trillion, and in Tasco Land with a 100 per cent stake in the charter capital, amounting to VNĐ750 billion as of June 30, 2024.
The company recorded a revenue of over VNĐ19.75 trillion in the first nine months of 2024, marking a 521 per cent increase year-on-year. Net profit after tax reached VNĐ127.5 billion, up by 335.2 per cent over last year, although the gross profit margin decreased from 16.1 per cent to 8.9 per cent.
Despite the significant revenue growth, Tasco faced profit margin contraction and increased financial and operational costs, resulting in slower profit growth compared to revenue.
Tasco has set ambitious targets for 2024, aiming for consolidated revenue of VNĐ24.75 trillion and a profit before tax of VNĐ660 billion.
By the end of the first nine months of 2024, achieving a profit before tax of VNĐ166 billion, Tasco completed 25.2 per cent of its 2024 plan, falling short of the year's target.
