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SHN names strategic investors
Investment General Corporation (SHN) yesterday announced a list of strategic investors who will hold a total of 95 million shares in the company, equivalent to VND950 billion (US$43.6 million) based on the share value.
This amount is also three times SHN current charter capital.
Major shareholders included Ha Noi General Export and Import Corporation (Geleximco), expected to buy 19.8 million shares, and Geleximco's chairman and CEO Vu Van Tien, who registered to buy almost 11 million shares.
Tien's brother and brother-in-law also booked combined shares of 15.84 million.
On Monday, SHN, Geleximco and An Binh Investment Group (ABFG) signed a strategic co-operation agreement under which the two latter parties would transfer business know-how and provide consultancy to help SHN to develop an appropriate business model, and improve its management, branding and marketing products and services.
To the market's surprise, finding strong investors like Geleximco has been a big success for SHN, after the threat of being delisted from the Ha Noi Stock Exchange.
The manufacturer of construction materials, spare parts and transportation services is undergoing a comprehensive overhaul. It has been on the verge of bankruptcy for years after posting losses for three of the last four recent years.
SHN reported a loss of almost VND77.4 billion ($3.6 million) last fiscal year, lifting the accumulated losses to VND326 billion ($15 million) at the end of 2014.
Its shares have also been put under the warning status from April 24, 2014 due to negative profits.
According to Vu Van Tien, SHN still had a lot of potential, especially in the areas where it has strengths like imports and exports, real estate and labour exports.
"In addition, SHN also has the advantage of being a listed company, a thing that Geleximco is keen on and wants to make a push to diversify the group's businesses," Tien was quoted as saying on the online newspaper Tri thuc tre (Youth Intellectual).
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