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Tan Hoang Minh spent nearly 850 billion VND to own the “golden land” lot 11A Cat Linh of Bau Thuy

According to information published on the website of the State Securities Commission on April 8, 2022, at the end of the fourth quarter of 2021, Thaiholdings transferred the 11A Cat Linh project to Tan Hoang Minh with a value of VND 840 billion. This deal brought Thaiholdings 653 billion dong in pre-tax profit when consolidating financial statements.

Specifically, accumulated in 2021, Thaigroup achieved total revenue and other income of VND 4,111 billion, profit after tax of VND 1,100 billion. The sudden profits in 2021 are mainly other incomes from the transfer of companies and projects. In which, in the first quarter, Thaigroup transferred Minh Tam Cement Factory for 680 billion, the fourth quarter collected 840 billion from the transfer of Cat Linh project of Binh Minh Company to Tan Hoang Minh Company and 310 billion from divestment of the Company. Thanh Long Company and Linkgroup Company.

It is known that the land of Project 11A Cat Linh was formerly the headquarters of the Grocery and Labor Protection Joint Stock Company (Sunprotexim). This company owns a lot of land in Hanoi such as: 30 Doan Thi Diem, 11A Cat Linh, 352 Giai Phong…

  Tan Hoang Minh spent nearly 850 billion VND to own the golden land lot 11A Cat Linh of Bau Thuy - Photo 1.

For many years, the land at 11A Cat Linh has been used for parking and restaurant business

By March 2017, Binh Minh Group Joint Stock Company appeared at 11A Cat Linh. Binh Minh Group has a charter capital of 5 billion dong, including 3 founding shareholders, but all have since divested.

The new legal representative and General Director of Binh Minh Group was then Mr. Trinh Van Thiem. He is also the representative of a number of companies such as: Vinakanto Construction Company Limited; Hanoi Ton Dan Joint Stock Company and Kim Lien Tourism Joint Stock Company – a member of ThaiGroup – an enterprise owned by Mr. Nguyen Duc Thuy (Thuy elected).

Lot “diamond land” 11A Cat Linh has since been handed to ThaiGroup of Bau Thuy. Thus, after 5 years of “acquiring” Binh Minh Group, the transfer of gold land lot 11A Cat Linh to Tan Hoang Minh has contributed to the profit after tax of 1,156 billion VND for Bau Thuy’s company.

In 2022, Thaiholdings targets revenue of more than VND 8,880 billion, profit before tax of VND 1,503 billion and is expected to increase charter capital to over VND 4,000 billion.

Also according to announced information, elected Thuy will spend 8,300 billion VND to offer to buy 52.5 million THD shares, raising the ownership rate to 40.1%.

  Tan Hoang Minh spent nearly 850 billion VND to own the golden land lot 11A Cat Linh of Bau Thuy - Photo 2.

About Tan Hoang Minh, this group develops real estate projects towards the high-end segment in the most expensive golden lands in the center of Hanoi and Ho Chi Minh City. Ho Chi Minh City such as D’.Palais Louis, D’.Palais Louis, D’. El Dorado, D’. Capitale,…

In the past 2 years, Tan Hoang Minh has continued to expand its land fund to many areas in the inner city of Hanoi and many provinces and cities. To raise capital for projects, companies related to Tan Hoang Minh have mobilized tens of trillions of dong in bonds.

However, at the beginning of April 2022, 9 issuances worth 10,300 billion VND of 3 companies were announced to be canceled by the State Securities Commission. Many leaders of Tan Hoang Minh were prosecuted for fraud and appropriation of property.

https://cafef.vn/tan-hoang-minh-chi-gan-850-ty-dong-de-so-huu-lo-dat-vang-11a-cat-linh-cua-bau-thuy-20220414143044717. chn


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