Friday , July 19 2024

HAGL chairman to sell out stake in farming subsidiary

Doan Nguyen Duc, chairman of conglomerate HAGL, has registered to sell his entire stake of three million shares in subsidiary HAGL Agrico.

The sale, scheduled to take place between May 4 and June 6, is expected to fetch VND22.1 billion ($962.8 million) at the share’s current price.

Duc, the vice chairman of HAGL Agrico, said he was selling it to restructure “personal finances”. Once he sells the shares, he will no longer own any HNG shares though HAGL owns 104.6 million shares, or a 9.4 percent stake.

HAGL had sold 73.5 million HNG shares in the first two months this year to repay debts.

Founded by Duc in 2010, HAGL Agrico was sold to Truong Hai Auto (Thaco) last year. Its current chairman is billionaire Tran Ba Duong, also the chairman of Thaco and one of Vietnam’s richest people.

It targets a 44-percent increase in revenues this year to VND1.73 trillion, but losses are expected to rise by 140 percent to VND2.7 trillion.

The company attributed this to its crop restructuring over the last two years, and Duong has said the business would start thriving by 2024.

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