Bau Duc no longer has capital at HAGL Agrico

Hoang Anh Gia Lai International Agriculture Joint Stock Company – HAGL Agrico (HNG) has just announced the results of stock trading of the company’s insider, Mr. Doan Nguyen Duc (ie, elected Duc), Vice Chairman of the Board of Directors.

Specifically, HAGL Agrico said that elected Duc had sold 3 million HNG shares from May 4 to May 27 as previously registered. This is the entire amount of shares that Mr. Duc still holds directly at the company, transactions are done through order matching method on the floor.

After the transaction, although he no longer directly owns any HNG shares, Mr. Duc is still the vice chairman of HAGL Agrico’s Board of Directors.

On the stock market, after Mr. Duc registered to withdraw his entire capital from the company, HNG’s stock fell from the current price range of over 10,000 VND/share to the current range of 6,000-7,000 VND/unit. equivalent to a net loss of 30-40% in less than a month. From the beginning of 2022 to now, HNG’s market price has decreased by nearly 47%.

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Bau Duc no longer owns any shares in HAGL Agrico. Photo: TL

Temporarily calculated at this price, the above divestment transaction can bring about 18-years to Duc.21 billion VND.

Not only electing Duc, Hoang Anh Gia Lai Joint Stock Company – HAGL (HAG) since the beginning of the year has also continuously sold HNG shares. In which, there is a transaction by the bank to sell the mortgage to recover the debt. Currently, HAGL only owns 104.6 million HNG shares, equivalent to 9.44% of charter capital.

However, Mr. Doan Nguyen Duc has repeatedly said that HAGL will divest all of its capital from HAGL Agrico to arrange debt payment sources and focus on developing the business in the direction of agriculture with the main business of growing bananas and raising pigs.

HAGL also focuses on strengthening financial structure measures in 2022, reducing the bank’s payable balance to 5,000 billion VND.

Meanwhile, HAGL Agrico is still owned by a group of shareholders related to Thaco Group of billionaire Tran Ba ​​Duong with more than 412 million shares, equivalent to 37.17% of corporate capital by the end of 2021. Mr. Duong is also the Chairman of the Board of Directors of this agricultural company.

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HNG’s share price has dropped 30-40% since the time Mr. Doan Nguyen Duc registered to divest his capital from the business. Source: Tradingview.

In 2022, HAGL Agrico aims to achieve more than net revenue 1,730 billion VND, nearly one and a half times higher than last year. In which, the company’s main source of income comes from harvesting 120,000 tons of bananas, 3,800 tons of pineapples, 200 tons of other fruits and 10,800 tons of rubber latex.

However, the business is expected to lose before tax 2,713 billion VND. In which, the loss from business activities accounted for about 150 billion, the rest was due to recording the cost of converting and canceling the orchard 2 years ago.

In the first quarter, this enterprise recorded 214 billion VND net revenue, down 18% y/y. For the same reasons as the previous year, this agricultural producer suffered a net loss of nearly 113 billion VNDwhile the same period last year profit was nearly 7 billion.

Among the losses in the last quarter, the net loss in production and business was 45 billion VND and the loss due to the assessment of exchange rate differences at the end of the period is 68 billion VND.

With this result, the accumulated loss by the end of March of this year has increased to 3,539 billion VND.

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