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TTCS to sell stake in the industrial zone operator

Update: September, 28/2017 - 15:00
A warehouse inside the Thành Thành Công Industrial Zone in the southern province of Tây Ninh. — Photo dothidiaoc.com
Viet Nam News

HÀ NI — Thành Thành Công Tây Ninh Sugar Joint Stock Company (TTCS) has announced the sale of its stake in the Thành Thành Công Industrial Zone Joint Stock Company (TTCIZ).

In a statement on Wednesday, TTCS said it would offload its entire 24.5 million shares or 49 per cent stake. After the deal, TTCS will no longer be a shareholder of TTCIZ.

The company plans to sell the shares between September 2017 and June 2018 for the market price of at least VNĐ25,000 (US$1.11) per share.

TTCIZ was founded in September 2008 as a member of TTCS. The initial price for TTCS’ investment in the industrial zone operator was VNĐ10,000.

That put the company’s initial investment value at VNĐ245 billion ($10.9 million). If TTCS is able to sell all of its shares, it could make at least VNĐ367.5 billion in profit from the deal.

“The revenue from the deal will be used to provide long-term capital for the company, based on its 2020 business development strategy,” TTCS said in its statement.

TTCIZ is now administrating the Thành Thành Công Tây Ninh Industrial Zone in the southern province of Tây Ninh, which covers a total area of 1,020ha, and the Expanded Tân Kim Industrial Zone in the southern province of Long An, which covers 52.48ha. — VNS

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