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HUT set to pour VND100 billion into Tasco Land

The Saigon Times

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HCMC – Tasco JSC, which trades its HUT shares on the Hanoi Stock Exchange, has approved a plan to double the chartered capital of its subsidiary, Tasco Land, to VND200 billion.

Under the plan, part of the firm’s restructuring strategy, the real estate developer will pour an additional VND100 billion into Tasco Land.

Ho Viet Ha, general director of HUT, is in charge of managing the company’s stake in Tasco Land.

In mid-March, HUT established Tasco Land to make investments in Ninh Van Bay Travel Real Estate JSC, whose shares are listed on the HCMC Stock Exchange under the code NVT, with an aim to expand to the high-end property segment.

HUT said at its annual general shareholder meeting in late April that its investment in Ninh Van Bay would help Tasco Land develop five-star hotels and resorts branded Six Senses and Ana Mandara.

In the first half of the year, HUT reported nearly VND500 billion in revenue, inching down 1% year-on-year.

This year, the firm aims to obtain VND11.4 trillion in revenue and VND250 billion in after-tax profit, increasing by 12-fold and five-fold from last year’s targets, respectively.

Closing the session today, October 17, HUT lost over 2%, while NVT dipped over 3%.

On the HCMC bourse, selling pressure dragged the VN-Index down 10.27 points, or 0.97%, from the session earlier, at 1,051.58, with 165 winners and 291 losers. Over 497 million shares worth VND9.5 trillion changed hands, up 4.2% in volume and 7.3% in value against the previous session.

Many large-cap stocks fell into negative territory, with property firms VIC and VHM plunging to their intraday low.

Farming stock HAG closed down, but took the lead by liquidity with a matching volume of 24.9 million shares.

The HNX-Index of the Hanoi bourse slid 1.43 points, or 0.63%, from the session earlier, at 226.46, with 75 advancers and 90 decliners.

Oil and gas firm PVS improved 3.4% and became the most actively traded stock with over 10 million shares changing hands.

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