TM Holding ups stakes in Hai Phong warehousing, goods storage firms

TM Holding Fund Company Ltd., run by entrepreneur Tran Tien Dung, has been paying special attention to warehousing and goods storage businesses in the northern port city of Hai Phong.

Most recently, on November 20, Hai Phong-headquartered TM Holding bought 850,000 MAC shares of the Marine Supply and Engineering Service JSC (Maserco), raising its stake from 24.7% to 30.32%.

On the same day, Pham Thi Hong Giang, head of Maserco's supervisory board, sold all of her 3.25 million MAC shares, reducing her ownership from 21.47% to zero.

Data from the Hanoi Stock Exchange (HNX) shows that on November 20, 5.1 million MAC shares changed hands for VND58.6 billion ($2.4 million) in put-through transactions.

In a related development, a TM Holding subsidiary – Sao A D.C Investment Corporation (Sao A D.C) – registered to buy 5.25 million MAC shares, or 34.68% of Maserco’s charter capital, for investment purposes. The put-through transaction is expected to happen from November 17 to December 15, 2023.

Within the same November 17-December 15 time frame, Nguyen Thi Thu Nga, wife of Maserco board member Vu Hai Truong, has registered to sell all her 2.85 million MAC shares, or 22.18%.

Previously, an extraordinary general shareholder meeting of Maserco had approved purchases of its shares by TM Holding and Sao A D.C, increasing their ownership to 65%. Nga and Giang would be the main sellers.

TM Holding was established in April 2007, specializing in the warehousing and goods storage business. As of January 20, 2022, it had a charter capital of VND235 billion ($9.7 million), with major shareholders being Tran Tien Dung (60%) and his wife Vu Thi Thu Thuy (40%).

Sao A D.C, established on March 1, 2011, is also headquartered in Hai Phong. As of March 14, 2022, its charter capital was VND300 billion.

Dung, 48, is a prominent name in the port city as chairman of the Hai Phong Logistics Association, chairman of the Hai An district Business Association and as a “link” in a series of legal entities in Hai Phong.

He holds a degree in marine shipping economics. He has held many senior corporate positions including chairman of DKP Logistics Solutions JSC (2006-2020); board member of VIMC Dinh Vu Port JSC (2013-2015); chairman of DKP Cold Storage Management and Operation JSC (2017-2020); board member of the Vietnam Container Shipping JSC (2020-2021); and board member of Green Development and Investment Service JSC (GIC).

Currently, in addition to being a director and board member of Maserco, the businessman is also chairman of OcenV Container Shipping JSC, founded in July 2022 with a charter capital of VND50 billion, owned by Maserco (51%), TM Holding (19%) and Sao A D.C (30%).

Dung is also director and legal representative of Lach Huyen Vietnam Distribution Center JSC - a legal entity established at the end of 2021 with a charter capital of VND350 billion. Its major shareholders are Dang Hong Quan (55%) and Nguyen Vinh Hau (5%), and Sao A D.C (40%).

Since September 2021, Dung has been deputy CEO of Hai An Transport & Stevedoring JSC (HAH) – the largest maritime shipping firm in Vietnam. As of June 30, 2023, TM Holding and Sao A D.C held nearly 16% of HAH’s charter capital.

Maserco, which was established in 1984, operates mainly in supplying, repairing, importing and exporting ship and seaport equipment. The Hai Phong-based company recorded a profit of VND38 billion ($1.57 million) in the first nine months of 2023, a significant increase from VND8 billion recorded during the same period in 2022.