Sumitomo divests entirely from Vietnam truck trader Truong Long Auto
Tokyo-headquartered Sumitomo Corporation has sold all 840,000 shares, or a 7% stake, in Truong Long Auto & Technology JSC, cutting its holding to zero after nearly 17 years as a shareholder.
Truong Long Auto is a major truck dealer in Vietnam. Photo courtesy of the company.
The transaction was made on January 25 with La Van Truong Son, director of Truong Long Auto, listed on the Ho Chi Minh Stock Exchange as HTL.
As such, Son raised his ownership in the company to 3.7 million shares, or a 30.88% stake. In early 2023, he also bought the same amount of shares from Sumitomo.
The Japanese corporation became a strategic shareholder in Truong Long Auto in October 2007 with a 25.56% stake.
HTL has two other major shareholders: its chairwoman Nguyen Thi Diem Kieu, Son’s wife (with a 25.3% stake) and Sumit Petcharapyrat, a board member representing Chairatchakarn (Bangkok) Co. Ltd (with a 24.6% stake).
Chairatchakarn (Bangkok), one of the largest Hino dealers in Thailand, became a strategic shareholder in HTL earlier this month, holding 18%.
HLT earned a consolidated net profit of VND8.97 billion ($366,730) in the first three quarters of 2023, down 67.8% year-on-year, according to its latest financial statement. Its revenue fell 54.3% to VND338.3 billion ($13.82 million) in the same period.
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