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Tasco (HUT) to issue 179 million shares for subsidiary investments
The offering is expected to raise VNĐ1.78 trillion, which will be invested in subsidiaries, including Tasco Auto, Tasco Insurance and VETC JSC.
Tasco mall in Hà Nội City. — Photo Laodong.vn
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The Board of Directors of Tasco Joint Stock Company (HUT) has approved a public share offering plan, aiming to issue 178.5 million shares to existing shareholders to raise capital to invest in its subsidiaries.
The offering ratio is set at 20 per cent of the total outstanding shares, equivalent to a ratio of 5:1, meaning shareholders holding five shares will receive one right to purchase an additional share. The offering price is set at VNĐ10,000 (US$0.40) per share, equivalent to its par value.
If the offering is fully subscribed, Tasco's charter capital will increase from VNĐ8.92 trillion to VNĐ10.71 trillion ($421.7 million). The share issuance will proceed after receiving approval from the State Securities Commission and is expected to be conducted between Q1 and Q2 of 2025.
Shareholders may transfer purchase rights once. Shares bought by existing shareholders or rights-exercising investors are freely transferable, while those allocated to others face a one-year transfer restriction.
The offering is expected to raise VNĐ1.78 trillion, which will be invested in subsidiaries, including Tasco Auto (VNĐ485 billion), Tasco Insurance (VNĐ800 billion) and VETC JSC (VNĐ500 billion).
In the third quarter, Tasco reported revenues exceeding VNĐ8 trillion, a threefold increase year-on-year. Net profit attributable to parent company shareholders reached VNĐ17.8 billion, a 2.3-fold rise compared to the same period last year.
On the Hà Nội Stock Exchange, HUT shares are currently trading at VNĐ15,400 per share, down 24 per cent this year.
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