Việt Nam’s first indigenous bus factory in Quảng Nam Province’s Chu Lai-Trường Hải Industrial Complex. — Photo courtesy of THACO

HCM CITY — Trường Hải Automobile Joint Stock Company is planning to sell a 10 per cent stake in its subsidiary, THACO AUTO.

Nguyễn Hùng Minh, deputy chairman of THACO’s board of directors, said on June 28 that Thaco and its financial adviser HCM City Securities Corporation are working on a plan to sell the stake to strategic investors.

Meanwhile, THACO's ESOP issued in 2018 will be converted into shares to transform THACO AUTO into a public joint stock company that will be listed in the market within the next three years.

The money raised by selling the 10 per cent stake will be used to fund THACO AUTO’s production and business operations, retail network expansion and product development.

Some Vietnamese and foreign investors are in discussions with THACO to negotiate the deal, and sale is expected to be completed this year.

Responding to information that THACO has a truck factory in the northern province of Hưng Yên, Minh said it is incorrect and all of its production activities take place in the Chu Lai - Trường Hải Industrial Complex in the central province of Quảng Nam. — VNS