Bau Thuy’s super space project Thaispace has not contributed enough capital before the due date

JSC Thaiholdings (HNX: THD) has just announced its financial report for the first quarter of 2022 with notable information.

Accordingly, consolidated sales revenue reached VND 1,470 billion, gross profit VND 142.4 billion, up 31% and 109% respectively over the same period last year. However, because no other income was recorded from the sale of cement projects, Thaiholdings’ pre-tax profit in the period was only 190.3 billion dong, down 61% over the same period.

Total consolidated assets as of March 31, 2022 were at VND 10,954 billion, equity of VND 6,479 billion.

In 2022, Thaiholdings plans to make a profit before tax of VND 1,433 billion. Thus, after the first 3 months of the year, this enterprise only completed 13.3% of the plan. However, it must be emphasized that the main source of profit of Thaiholdings in the two years 2020-2021 does not come from its main activity – commerce, but from asset sales or M&A deals.

Therefore, it is not excluded that in the remaining quarters of the year, Thaiholdings will seek profit with this method.

Thaiholdings has a policy of implementing a tourism spaceport project in Ho Chi Minh City. Phu Quoc, Kien Giang province with the total expected investment of the project is 30,000 billion VND.

In the first 3 months of the year, Thaiholdings divested all its capital from Quang Nam Hydropower Investment Company Limited and Thaihomes Investment JSC, and increased its capital contribution in Thaispace JSC from VND 80 billion to VND 253 billion.

Thaispace Joint Stock Company was established on December 31, 2021 with registered charter capital of up to 26,688 billion VND, of which Thaiholdings contributes 5%, equivalent to 1,334.4 billion VND, Mr. Nguyen Duc Thuy contributes 75% and 2 children of Thaispace. Mr. Thuy equally divided the remaining 20%.

According to current regulations, the family “electing” Thuy and Thaiholdings have 90 days to fully contribute capital to the business, otherwise, they will have to make adjustments to the actual contributed capital. Thus, by the end of March 2022, which is the end of the prescribed time limit, Thaiholdings has only contributed nearly one-fifth of the amount payable to Thaispace.

Thaispace was established to carry out the first space flight in Phu Quoc, Vietnam, if licensed by the regulatory authorities. Thaiholdings plans to apply for a specific mechanism to submit to the Prime Minister to speed up the progress to ensure the goal of having the first flight into space in the period 2026-2030.

At the same time as Thaispace was established, Thaiholdings also had a policy of implementing a tourism spaceport project in Ho Chi Minh City. Phu Quoc, Kien Giang province with the total expected investment of the project is 30,000 billion VND. Investment capital from Thaigroup’s own capital and other lawfully mobilized capital sources. The expected implementation time is in the period 2022 – 2026.

According to Xiaoming