Hanoi: Vingroup JSC has announced that Vincom Retail is no longer its subsidiary. It has successfully transferred 55% of charter capital of SDI Trading Development and Investment JSC, which owns 99% of the charter capital of Sado Trading Commercial JSC. Since Sado is a major shareholder of Vincom Retail with a 41.5% ownership stake in the charter capital, the completion of this transaction means that Sado and Vincom Retail are no longer subsidiaries of Vingroup. Vingroup maintains a direct ownership stake of 18.4% in Vincom Retail. On March 18, Vingroup announced its intention to sell the entire 100% stake in SDI. The divestment aims to optimise the conglomerate's capital allocation by transitioning from stable business sectors to high-growth potential areas and providing additional funds for the company's operations, including debt repayment. Vietcap Securities JSC projected the transfer value of SDI's 100% equity to be 39.08 trillion VND (1.57 billion USD). The amount includes SDI's actual ownership in Vincom Retail and the minority shareholder benefits of SDI in Vu Yen and Ha Long Xanh projects. According to Vietcap, following the divestment, Vingroup will enter into management contracts with Vincom Retail for the operational shopping centres. Vingroup will assume the responsibility of managing the centres on behalf of Vincom Retail, ensuring that the rights of tenants and store owners are protected as stated in the signed contracts. As stated in Vincom's 2024 Annual General Meeting documents, the company will proceed with the election of new members to the Board of Directors for the term 2023-2028. This includes the removal of two current Board members, Thai Thi Thanh Hai and Le Mai Lan, and the appointment of Nguyen Hoai Nam as their replacement. New shareholders appear According to the revised business registration documents of SDI on April 4, four businesses in Ho Chi Minh City have acquired a 55% stake in the company. Among them, Thien Phuc Service and Trading Development Investment Company and N P Business Investment JSC each contributed nearly 1.4 trillion VND, representing a 16% ownership stake for each company. Falcon Investment and Development Company Limited holds a 12.5% stake with 1.1 trillion VND, while Emerald Business Investment and Development Company spends over 910 billion VND to buy a 10.5% ownership stake. Notably, Thien Phuc, Falcon and Emerald were all newly established on February 23 with a registered capital of only 20 billion VND. However, by the end of March, these companies collectively increased their registered capital. Specifically, Thien Phuc raised its charter capital to nearly 1.3 trillion VND, while Falcon's charter capital increased to 887 billion VND and Emerald raised its charter capital to over 1.1 trillion VND. The remaining shareholder is NP Company, which was established in late 2023 with registered capital of 505 billion VND, fully owned by NP Investment Company Limited. On March 18, this company increased its registered capital to nearly 1.3 trillion VND. Re garding NP Investment, it was founded in December 2005, with Phuong Anh Phat serving as the director and legal representative. As of April 2023, Phat held a 40% stake in the registered capital, while Nam held a 60% stake. Nam is also among the individuals who acquired Vincom Retail shares from Vingroup as an individual investor. Currently, Vingroup and its subsidiaries still hold 45% of the remaining shares of SDI. Of which, Vingroup directly holds over 15.7% of the registered capital, and Ngoc Viet Commerce and Trading JSC, a company 99% owned by Vingroup, holds over 29.2%. Vincom Security Services Company Limited owns 0.006 % of the capital and Vinbus holds 0.006%./. Source: Vietnam News Agency
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