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Thursday, October 6, 2022

BaF Vietnam to contribute capital, give loans to subsidiaries

The Saigon Times

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HCMC – BaF Vietnam Agriculture JSC, whose BAF shares are traded on the Hochiminh Stock Exchange, has passed a plan to raise the charter capital of its eight subsidiaries and offer medium- and long-term loans to two of them.

The firm will contribute an additional VND180 billion to Hai Dang Tay Ninh Hi-tech Livestock JSC to raise the latter’s charter capital to VND300 billion; VND50 billion to Green Farm 2 Investment Co., Ltd.; VND40 billion to Bac An Khanh Manufacturing Trading Service Co., Ltd.

Two other BaF-affiliated firms, namely Dong An Khanh Manufacturing Trading Service Co., Ltd. and Nam An Khanh Livestock Co., Ltd., will be injected VND65 billion each.

BaF Vietnam will pour the respective amount of capital worth VND40 billion, VND30 billion, VND30 billion into Green Farm 1 Investment Co., Ltd., Bao Ngoc Livestock Co., Ltd., and Anh Vu Phu Yen Co., Ltd.

As for its lending plan, BaF is expected to provide five-year loans worth a maximum of VND50 million for Hai Dang Tay Ninh Hi-tech Livestock JSC, with an interest rate of 6% per year.

The parent firm will also offer loans worth a maximum of VND50 billion to Green Farm 2 Investment Co., Ltd., with the same term and annual interest rate, reported Dau tu chung khoan newspaper.

BaF Vietnam plans to raise a maximum VND600 billion by issuing seven-year convertible bonds at an annual coupon of 5.25%, without warrants and collateral, to the International Finance Corporation, a member of the Work Bank Group, in the second half of this year.

Regarding its business performance, BaF Vietnam booked over VND1.6 trillion in revenue and VND40.42 billion in after-tax profit in the second quarter of 2022, down over 41% and 62% against the same period last year. Its gross profit margin contracted from 5.1% to 4.1%.

In the first half of the year, the company saw its revenue dipping nearly 40% and after-tax profit shedding over 36% versus the 2021 figure at VND3.1 trillion and VND128 billion, respectively.

Closing the trading session today, August 19, BAF gained 4.33% against the previous session at VND30,100.

On the HCMC bourse, the benchmark VN-Index slid 0.35%, or 4.48 points, at 1,269.18, with 124 advancers and 338 decliners. Trade on the southern bourse improved a little in volume but fell slightly in value over the session earlier at over 607 million shares and more than VND14.9 trillion.

The HNX-Index of the Hanoi market edged 1.08% lower than yesterday and closed at 297.94 points, with 60 stocks rising and 120 others falling.

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