HAGL seeks to buy 24 million shares of its farming subsidiary

The transaction is planned to be conducted from September 19 to October 18.

HAGL said that the deal aimed to meet the requirements of management.

HAGL now holds more than 488.6 million shares of HNG, or 55.1 per cent. If the deal is successful, HAGL’s holding of voting shares at HAGL Agrico will be increased to 57.81 per cent.

The plan was announced after Truong Hai Auto Corporation (Thaco) and HAGL signed a strategic deal in which Thaco would poured VND3.8 trillion (US$163.1 million) to hold 35 per cent of HAGL Agrico in early August.

HAGL Agrico planned to issue an additional 87.4 million shares at the price of VND16,000 each to raise money for financial restructuring to ensure solvency and reduce financial risks.

HNG was traded at VND16,800 on Tuesday.