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Thursday, June 13, 2024

Loc Troi Group to dissolve one affiliate, offload stake in another

The Saigon Times

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HCMC – The board of directors of Loc Troi Group JSC (LTG) has passed a resolution to dissolve its subsidiary Northern Loc Troi JSC and offload its entire stake in another subsidiary, Loc Troi Seed JSC.

LTG will disband Northern Loc Troi JSC, of which LTG owns 99.98%. This subsidiary specializes in the pesticide, fertilizer, and rice businesses with charter capital of over VND6.7 billion.

The group will offload its entire stake of 99.9% in Loc Troi Seed JSC whose charter capital is VND56 billion. LTG will transfer close to 5.6 million shares in this subsidiary at VND10,000 each this year to earn some VND56 billion.

The shares will be transferred to Loc Troi Agricultural Products JSC in which Loc Troi holds a 99.99% stake. The agro firm has charter capital of VND112 billion.

After obtaining profits for eight consecutive quarters, LTG in the second quarter of this year reported net losses of nearly VND46 billion though its revenue surged 30%. The losses were mainly attributed to an upsurge in operating and financial expenses.

In the first half of 2022, LTG’s net profit contracted over 40% against the same period last year at some VND137 billion while its gross revenue rose 15% year-on-year at nearly VND5.8 trillion.

On the Unlisted Public Company Market (UPCoM), LTG gained 6.57% to close at VND37,300 today, August 24.

The benchmark VN-Index of the HCMC market added 6.35 points, or 0.5%, over the session earlier at 1,277.16, with 279 winners and 172 losers. More than 601 million shares worth over VND15 trillion were transacted on the southern bourse, improving 6.6% in volume and 8% in value.

The HNX-Index on the northern bourse gained 2.16 points, equal to 0.7%, to close at its intraday high of 301.3, with 112 stocks increasing and 79 others declining.

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