Monday, November 20 2017

VietNamNews

TTF completes subsidiary divestment

Update: October, 05/2017 - 08:00
Trường Thành Furniture Corporation (TTF) announced that it has completed divestment from its subsidiary company, Trường Thành Wood Industry JSC (TTI).– Photo cafef.vn

HÀ NỘI – Trường Thành Furniture Corporation (TTF) announced that it has completed divestment from its subsidiary company, Trường Thành Wood Industry JSC (TTI).

According to a filing to the HCM Stock Exchange on Tuesday, Trường Thành Furniture sold its entire holding of nearly 1.26 million shares, an equivalent of 68.52 per cent of TTI’s charter capital. The identity of the buyer has not been disclosed.

The divestment is part of the company’s streamlining plan with the aim of downsizing its subsidiary and affiliate companies. According to the company’s second-quarter report, it has 12 subsidiaries with ownership of over 50 per cent in each company and two indirect subsidiary firms.

Late in September, the State Securities Commission approved the company’s plan for a private placement of 100 million shares at the price of VNĐ10,000 a share. After the issue, expected this month, its charter capital will reach nearly VNĐ2.45 trillion.

As of the end of June, Trường Thành Furniture reported cumulative losses of over VNĐ1.4 trillion. – VNS

 

 

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