Friday , June 21 2024

Thaco to sell 10% stake in automobile subsidiary


Truong Hai Group (Thaco Group) is looking for investors to sell a 10% stake in automobile manufacturing and distributing subsidiary Thaco Auto.

Nguyen Hung Minh, vice chairman of Thaco Group, said Wednesday that the sale of 10% of shares in Thaco Auto is meant to raise funds for production and business, investment in expanding the retail system and development of new products.

Ho Chi Minh City Securities Corporation (HSC), Thaco’s financial advisor, is working on this plan.

DMeanwhile, Thaco’s ESOP shares issued in 2018 will be converted to make it a public joint stock company. This company plans to list on the market within the next next years.

According to Nguyen Hung Minh, all production activities of Thaco Auto currently take place at our industrial park in Chu Lai.

Recently a number of domestic and foreign investors have been working with Thaco and HSC on buying the Thaco Auto shares.

Negotiations are still ongoing and no decision has been made, but Minh said Thaco expects to complete the deal this year.

The company, owned by billionaire Tran Ba Duong, is a diversified corporation with interests in automobiles, agriculture, mechanical engineering and supporting industries, construction investment, logistics, trade, and services.

Thaco Auto manufactures, assembles, and distributes KIA, Mazda, Peugeot, and BMW cars and has nearly 400 showrooms across Vietnam.

Thaco Autos factory in Chu Lai. Photo courtesy of Thaco

Mazda cars being manufactured at Thaco Auto’s factory in the Chu Lai Industrial Park, Quang Nam Province. Photo courtesy of Thaco Auto

Thaco Auto has a production complex with seven factories in the Chu Lai Industrial Park (Quang Nam).

This year it targets sales of over 120,000 vehicles, including 96,000 passenger cars, 23,500 trucks and 1,500 buses and minibuses.

It expects consolidated revenues of over VND90 trillion, equivalent to nearly $USD3.8 billion, including VND5.2 billion from services.

In 2022 the company sold 111,440 vehicles to retain the largest market share in the country at 38%.

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