Hang Xanh Automobile Service Joint Stock Company (Haxaco, HoSE: HAX) has just issued a Resolution of the Board of Directors to change the maximum foreign ownership ratio in the company to 50%.
Specifically, Hang Xanh Automobile Service Joint Stock Company (Haxaco, HoSE: HAX) stated that the maximum foreign ownership ratio at the moment is 34.58%. The maximum foreign ownership ratio following the change is 50%. The reason for the change is that all HAX convertible bonds issued in February 2022 (bond code HAXH2223001) have been converted into shares for domestic investors according to the Resolution of the Board of Directors dated February 13, 2023. The implementation period is following the approval of the state agency.
Haxaco’s Board of Directors also authorized Mr. Do Tien Dung – Chairman of the Board of Directors and related departments to apply for permission from the State Securities Commission and the Vietnam Securities Depository Center to adjust the maximum ownership ratio of Haxaco. foreign investors at HAX.
In February 2022, Haxaco successfully offered 180 billion VND of individual bonds with term of 18 months (until August 10, 2023). This is an unsecured convertible bond with a term of 18 months. Fixed interest rate of 3%/year, paid at the time of conversion into shares or at maturity of bonds if no conversion is performed.
The amount of VND 180 billion raised from the bond offering is used to open more showrooms in Can Tho and supplement working capital for business activities. The company has been approved by the Mercedes-Benz Vietnam factory to open an official authorized dealer in Can Tho.
Recently, Haxaco issued 15 million shares at the price of 12,000 VND/share to convert 1.8 million bonds with code HAXH2223001 with a conversion ratio of 12:100 (12 bonds converted into 100 shares) from The three bondholders are Mr. Tran Do Thinh Trung (276,000 bonds), Nguyen Duy Quoc (264,000 bonds) and Ms. Vu Ngoc Diep Linh (1.2 million bonds).
In addition, in this issuance, Ms. Vu Ngoc Diep Linh received 10.5 million shares (owning rate of nearly 14.6%). HAX has reported on the date of becoming a major shareholder of Ms. Vu Ngoc Diep Linh. On February 13, 2023, Ms. Vu Ngoc Diep Linh made a transaction to buy 10.5 million HAX shares (14.59% of the total number of outstanding shares), raising the ownership rate from 0.55 % to 15.03% of the total number of outstanding shares.
