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Wednesday, June 12, 2024

Tan Tao sells entire stakes from two affiliates

The Saigon Times

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HCMC – Tan Tao Investment and Industry Corporation (ITACO) has announced its divestment from its two affiliates, Tan Tao Energy Development Corp (TEDC) and Tan Tao Urban Development and Investment Corporation (Tan Tao City Corp.).

ITACO, which trades its ITA shares on the Hochiminh Stock Exchange, on February 7 announced to its shareholders that it divested all of its capital at some VND1.7 trillion from TEDC on December 30 last year.

The firm said that the Kien Luong 1 thermal power plant project had been removed from a list of projects set for development by 2030 by the Prime Minister, so TEDC, the investor of the project, and ITACO failed to implement the project, prompting the firm to make the divestment to minimize losses.

On the same day, ITACO announced its decision made in July last year to divest all of its capital at VND175 billion from Tan Tao City Corp, the local media reported.

The firm explained that Tan Tao City Corp was not capable enough to execute the Tan Tao residential area project.

Established in 2001 and headquartered in the Tan Tao industrial park in Binh Tan District in HCMC, Tan Tao City Corp specializes in house trading.

Closing the trading session today, ITA lost 0.49%, extending its falling streak for a second straight session.

On the HCMC bourse, the VN-Index gained 6.38 points, or 0.6%, from the session earlier, at 1,072.22, with 210 winners and 188 losers.

Nearly 570 million shares worth VND10 trillion changed hands, down 15% in volume and 17.5% in value, against the previous session.

Steelmaker HPG closed up and took the lead by liquidity on bourse with over 33.8 million shares traded.

The good performance of many big-cap stocks sent the HNX-Index of the Hanoi exchange up 0.62 points, or 0.29%, from the previous session, at 210.62, with 92 advancers and 69 decliners.

Securities firm SHS expanded 1.2% and was the most actively traded stock on bourse with a matching volume of 14.7 million shares.

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