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HAG: Financial situation and restructure
HAGL Joint Stock Company (HAGL) has informed of its financial situation and restructure as follows:
On 30th July 2010, the company will hold the investment conference in the Independence Palace, HCMC in order to introduce the program of restructure under its business sectors.
Until now, HAGL has basically completed the company structure under 5 business sectors, each owned and managed by one corporation, including: real estate, minerals, hydropower, rubber and wood & stone production. HAGL will do IPO of each business sector through 2 stages:
- Stage 1: Sell about 10% shares to strategic partners
- Stage 2: Do auction to sell 20%-30% shares to the public
The parent company will hold about 60%-70% shares in each business sector
HAGL has sold 23,500,000 shares (11.75%) of the real estate corporation and earned nearly VND1,200 billion. Strategic partners have bought shares including the Saigon Securities Incorporation (SSI), Jaccar Capital Fund, Dragon Capital and other big individual investors. As planned, HAGL will do IPO the real estate corporation in Q1/2011 and list its stock on the trading floor in Q2/2011
HAGL will sell about 10% shares of the minerals corporation to strategic partners at the beginning of 2011, 10% shares of the hydropower corporation in 2012 and 10% shares of the rubber corporation in 2013.
HAGL is doing procedures to issue convertible bonds to Temasek Holdings (Its consulting organization is SSI) with the value of VND1,100 billion
With earnings from the financial activities above plus trading of real estate, HAGL positively expands its investment of each business sector and still maintains the safe debt ratio.
HAGL is in progress of adjusting its pre-tax profit for 2010 up to VND3,000 billion instead of VND2,681 billion.
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