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Tuesday, May 24, 2022

Major shareholder sells entire stake in TTL

The Saigon Times

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HCMC – Mai Trong Thinh, a former major shareholder of Thang Long Joint Stock Corporation (TTL), sold his entire stake in TTL after he sold nearly 4.7 million TTL shares on January 26 this year.

He owned an 11.14% stake in TTL.

Regarding the business performance of the firm, TTL saw its new net revenue in the fourth quarter of 2021 rising 53% against the year-ago figure to reach nearly VND443 billion. Meanwhile, its earnings from financial activities declined 33% due to interest rate cuts on deposits, loans, dividends and distributed profits. Overall, TTL gained VND2.6 billion in net profit, falling 19% compared to the same period in 2020.

In 2021, its net revenue improved 73% against the 2020 figure, at nearly VND1.2 trillion, while its net profit was almost unchanged, at nearly VND13 billion, meeting 98% and 52% of its targets, respectively.

In related news, 1369 Construction JSC, which is listed on the Hanoi Stock Exchange with stock code C69, has again won a bid to become the investor of the Luong Dien 2 industrial cluster project in Hai Duong Province.

The project will cover an area of 51.9 hectares and require VND639 billion in investment.

According to the provincial government, C69 will have 36 months to implement the project. With many measures taken to attract investment in the project, the occupancy rate of the facility is expected to exceed 60% by 2025.

In May last year, Dong A Construction and Consulting Company, a subsidiary of C69, had been chosen to develop the Nghia An 3 industrial cluster project in Hai Duong.

In another development, with 132 stocks expanding and 332 others declining, the benchmark VN-Index of the HCMC Stock Exchange lost 29.75 points, or 1.98% over the session earlier at 1,471.96. More than 810 million shares worth nearly VND25.9 trillion were traded on the southern bourse, both improving over 27% in volume and nearly 20% in value against last Friday.

In the VN30 basket, only six stocks made gains while 24 others fell into negative territory.

Bank stocks were the major drags on the main index’s loss, as up to nine of the top ten decliners in the basket were bank stocks.

The HNX-Index on the northern bourse also ended on a downbeat note. It inched down 5.88 points, or 1.38% against the previous session to stay at 421.01.

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