Haxaco calculates luxury car rental

This plan has just been revealed by Mr. Do Tien Dung, Chairman of Hang Xanh Automobile Service Joint Stock Company (Haxaco) at the recent annual meeting. Mr. Dung said, this business has almost a monopoly in the field of large-scale luxury car rental in Ho Chi Minh City and Hanoi when most of the units in the same industry had to close after the peak of the epidemic.

Last year, this Mercedes distributor made a pre-tax profit of nearly VND 205 billion thanks to a strong recovery in the last quarter of the year. In 2022, Haxaco continues to set a target of increasing pre-tax profit to VND 212 billion.

With the MG car business (starting from 2020), according to Mr. Dung, Haxaco has achieved certain achievements but has not yet met the expectations of the company and shareholders due to the impact of the epidemic. This enterprise also has the ambition to become the exclusive representative of a new car company in Vietnam. However, Haxaco Chairman said that this ambition needs time and detailed planning.

This year, Haxaco submits a dividend payment plan of 20%, of which 5% is in cash and 15% in shares. The company plans to issue 2.6 million bonus shares and under the employee selection program.

In addition, the company also closed the plan to issue more than 49.5 million shares to existing shareholders at the ratio of 1:1, at the price of 12,000 VND per share. After this issuance, Haxaco can earn nearly 595 billion dong. The company plans to use this money to open more Mercedes dealerships. This release will be done in the next 3-4 months.

Haxaco Chairman said that development investment is mandatory in this period. He explained, if it does not promote investment, Haxaco will not be able to maintain its production and business activities, nor will it be able to compete with pressure from corporations with strong capital sources.

Mr. Tu