Thanh Nam Group Joint Stock Co (HoSE: TNI) has announced that it will hold its extraordinary shareholders’ meeting on September 19 to discuss raising capital and adopting a series of investment projects.
Specifically, this Extraordinary Congress will discuss 8 issues including the establishment of partnership with Korean investors to invest in the condotel project on Le Duc Tho – Da Nang; transfer of capital contribution and investment link to build condotel project in Ha Long – Quang Ninh; construction of condotel project in front of Vo Nguyen Giap road – Da Nang; construction of condotel project in Phu Quoc – Kien Giang; Invest in the project of Phu Yen beach resort.
The next is the content of charter capital increase; amendment of the charter; and authorize the Board to execute specific issues arising under the authority of the General Meeting of Shareholders in the course of performing the work approved by the General Meeting of Shareholders.
Previously, at the annual shareholder meeting in 2017, TNI leaders said the real estate project on Le Duc Tho – Da Nang has an area of 6,280 sqm. With the cooperation with Korean investors, the project will have 30 floors.
In addition, TNI’s leaders also shared that the company’s remaining project in Da Nang (on Vo Nguyen Giap Street) has a size of 2,039 sqm with four facades. This project is a combination of four-star hotel with about 50% of the expected luxury apartment for 200 apartments for sale in My Khe – Da Nang.
It is expected that this project will be launched and open for sale at the end of this year. On the source of capital, the company said that after finalizing the design work, making a feasibility report, on the basis of the need for capital to deploy the project, the company will have plans to raise capital from existing shareholders. own or from strategic investors.
Thanh Nam Group Joint Stock Company was established in 2014 with a chartered capital of VND500 million. Moving to a joint stock company in 2009, TNI has made four capital increases, raising its chartered capital to VND210 billion by 2017.
TNI’s business activities are mainly trading, supplying stainless steel sheets, coils, tubes with many types. Due mainly to distribute, revenue and profit of the Company in the past year fluctuate very erratic. In 2016, TNI achieved VND709 billion of revenue, VND14 billion of after tax profit and 8% dividend. In 2017, the company set a revenue target of VND1.008 trillion , profit after tax of VND20 billion and dividend of 8 percent.
In the first 6 months, TNI earned VND 521 billion in net revenue and VND 10.4 billion in net profit. Total assets were VND 564 billion, liabilities were VND 319 billion, owner’s equity was VND 245 billion (as of June 30, 2017). The stock price of TNI is currently around VND7,000 / share.
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