Monday , July 4 2022

HAGL to sell 25 mln more shares to pay debt

Agricultural giant Hoang Anh Gia Lai JSC (HAGL) announced it would sell 25.4 million shares of its subsidiary to pay its debts, starting Feb. 15.

The shares, registered under the ticker HNG of Hoang Anh Gia Lai Agricultural JSC (HAGL Agrico), amount to a 2.33 percent stake in the firm. They will be sold via put through option.

Based on the current market price of HNG, the value of the deal is around VND254 billion ($11.2 million).

When completed, HAGL’s stake in the subsidiary will further decrease to 9.4 percent.

Previously, HAGL sold more than 48 million HNG shares with the same purpose during the period of Jan. 17 to Feb. 10. The shares amounted to a 4.32 percent stake.

At the opening of Friday’s trading session, HNG shares were trading at VND9,690, down from the peak of VND13,650 in December.

As of Dec. 31, HAGL’s debt amounted to VND8.3 trillion, down VND10 trillion compared to the beginning of 2021. Meanwhile, the company reported a VND126 billion profit for 2021, ending three consecutive years of loss.

HAGL, once the leading real estate firm in Vietnam, now focuses its business on farming and animal husbandry. Currently, HAGL operates around 10,000 hectares of fruit plantations, and seven animal farms with a capacity of raising about 400,000 pigs annually.

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