Through the transaction of buying more than 16 million shares of Phu Huu Gia, SAM Holdings plans to increase its ownership in this business from 0% to 45.28% of charter capital.
SAM Holdings Board of Directors (Ticker: SAM) has just approved the purchase of more than 16 million shares of Phu Huu Gia JSC (abbreviated as PHG) with an expected purchase price of 10,000 dong / share for investment purposes. Thus, SAM expects to spend more than 163 billion dong to implement the above transaction.
Previously, SAM Holdings never owned shares in Phu Huu Gia. After the transaction, SAM will increase its ownership in PHG to 45.28% of its charter capital.
According to the resolution, an insider related to investment activities is Mr. Tran Viet Anh, Chairman of the Board of Directors of PHG and a member of the Board of Directors of SAM Holdings.
Phu Huu Gia Joint Stock Company was established on November 2, 2007 with its head office located at No. 11, Cau Ke hamlet, Phu Huu commune, Nhon Trach district, Dong Nai.
The company operates in the field of real estate business, investing in residential projects; investment in construction of houses, civil works, traffic works and industrial projects The charter capital as of March 2016 is 360 billion VND.
More information, Mr. Vo Truong Thanh, former Chairman of the Board of Directors of Truong Thanh Wood Industry JSC (Ticker: TTF) used to hold the position of Chairman of the Board of Directors and the legal representative of Phu Huu Gia. However, by June 2018, Mr. Tran Viet Anh was the replacement for Mr. Thanh to take the above positions.
Back to SAM, the company has just announced its business results for the first 6 months of the year with 806 billion dong of net revenue and 7.5 billion dong of profit after tax, down 31% and 55% respectively over the same period in 2019.
Thus, compared to the set target, in the first half of the year, the company has only accomplished 26% of the revenue plan and 17% of the profit plan.
SAM Holdings’ cash flow was negative nearly 56 billion in the first half of the year, while the same period was 70 billion dong positive.
Source: vietnambiz.vn – Translated by fintel.vn