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Friday, May 20, 2022

Truong Thanh Furniture plans to issue 41.1 million shares

The Saigon Times

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HCMC – Truong Thanh Furniture Corporation (TTF) will seek approval from its shareholders to issue 41.1 million shares.

TTF is making preparations for its shareholders’ meeting this year, slated for April 26 in the southern province of Binh Duong.

The share price will be decided by the board of directors and the share sale could only go ahead after TTF gets the State Securities Commission’s approval. The money to be raised will be added to the firm’s working capital.

The shares will not be transferable for a year.

The company set a target to earn nearly VND2.3 trillion in revenue and VND72.76 billion in after-tax profit this year, 28.98 times higher than the after-tax profit generated in 2021.

It will enhance its cooperation with large customers, such as Natuzzi, Crate & Barrel, Williams Sonoma and TIX. In the domestic market, TTF will access more new investors.

Shareholders’ approval will also be sought to rename the corporation as TTF Corporation.

After the audit in 2021, TTF’s revenue was revised down by VND33.1 billion compared with the figure calculated by itself to over VND1.6 trillion and the parent company’s after-tax profit fell VND17.5 billion to minus VND8.7 billion.

Thus, the corporation’s after-tax profit was minus VND8.7 billion, not VND8.8 billion, which was attributed to the management cost increase of VND54.9 billion, and other profit and net revenue reduction by VND11.2 billion and VND33.1 billion, respectively.

As of December 31 last year, TTF has incurred a consolidated loss of over VND3 trillion, or 74.2% of its charter capital, and its short-term debts have exceeded its short-term asset value by VND251.82 billion. Therefore, auditors have doubted the corporation’s continuous operation.

Closing the session today, April 12, TTF lost 5.1% at VND14,000.

On the southern bourse as a whole, the VN-Index plunged 26.75 points, or 1.8% against the previous session at 1,455.25, with 67 advancing stocks and 409 declining ones, including 63 stocks hitting their daily ceiling prices.

Trade on the southern bourse declined over 14% in volume and 22% in value at over 680 million shares and nearly VND21.3 trillion. Shares traded in block deals contributed over VND1.13 trillion to the overall value.

On the northern bourse, the HNX-Index dropped 11.01 points, or 2.55%, at 421.01, its lowest level of the day. More than 92.82 million shares worth some VND2.5 trillion were traded on the bourse.

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