Bamboo Capital offloads 21 mln Tracodi shares, remains major stakeholder
Bamboo Capital Group has sold 21.04 million shares of its construction subsidiary Tracodi, listed on the Ho Chi Minh Stock Exchange (HoSE) as TCD, to a strategic partner to boost its infrastructure business.
In a Monday announcement, Bamboo Capital Group, listed on the HoSE as BCG, said the move would empower Tracodi to grasp opportunities from the government to implement large-scale public investments.
After the transaction, BCG remains the major stakeholder in Tracodi with a 50.08% stake as it now holds shares personally owned by its executives. Nguyen Ho Nam, chairman, and Nguyen Thanh Hung, vice chairman, gave their authorization to transfer 10.54 million shares and 6.93 million shares back to BCG, equivalent to 3.73% and 2.45% of ordinary shares, respectively.
BCG said that as Tracodi leaders have relations with BCG, the transaction of 21 million shares should not impact BCG’s major policies and Tracodi's long-term strategies.
At the 2023 BCG annual general meeting in late April, the firm revealed that it is planning to develop Tracodi as an infrastructure-construction corporation, and will increase its competitiveness by inviting strategic partners to join the companies. The transaction fits in with the plan, BCG said.
A representative from BCG said that the buyer will become a strategic partner who will cooperate with BCG to help Tracodi seize opportunities in infrastructure.
This year, Tracodi has set a target of making VND3.3 trillion ($141 million) in consolidated net revenue, a year-on-year increase of 13%, and over VND267 billion ($13.39 million) in consolidated after-tax profit, down 20%.
In the first quarter of this year, Tracodi recorded revenue of more than VND314 billion ($13.36 million), and after-tax profit of VND68 billion ($2.89 million), equivalent to 10% and 25% of its annual targets, respectively.
BCG closed Tuesday's trading session down 1.46% at VND10,150 ($0.43). TCD ended down 5.58% at VND10,150 ($0.43).
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