Hapro sets target revenue of US$222.5 million before equitization
Hanoi Trade Corporation (Hapro) set the 2018 target revenue at VND5.07 trillion (US$222.5 million), up 14% on-year, announced the firm at its annual meeting on March 7.
Consequently, export turnover is expected to reach US$117 million, increasing 29% compared to 2017, taking its pre-tax profit to VND80 billion (US$3.5 million), an increase of 5% over last year.
Hapro sets target revenue of US$222.5 million before equitization.
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Meanwhile, Hapro's trade turnover was US$95.23 million in 2017, equaling 65% of the annual target and 80% of the revenue in 2016. Specifically, export turnover was US$90.55 million, while import reached US$4.68 million.
The reason, according to Hapro, is that some export subsidiaries, especially Unimex, recorded low export turnover. Similarly, Hapro's parent company TCT also posted similar results.
The main products of TCT, such as cashew and rice, have seen high growth, while handicrafts and coffee declined.
Under the equitization plan approved by Deputy Prime Minister Vuong Dinh Hue last December, Hapro will sell 76 million shares at its upcoming initial public offering (IPO), equivalent to 34.51% of the state capital in March 30.
Additionally, Hapro will sell over 1 million shares to its employees, accounting for 0.49% of its charter capital, and another 143 million shares (65%) to strategic investors.
N.A Vietnam Motor (Vinamco), a subsidiary of BRG Group, has been approved by the Hanoi People's Committee to become the strategic investor of Hapro on January 26. Thus, Vinamco is expected to purchase 65% of Hapro's shares at a price not lower than the lowest successful bid at the IPO, that is, a minimum of VND1.83 trillion (US$80.5 million).
With more than 40 subsidiaries under its umbrella, Hapro operates a chain of supermarkets and convenience stores and owns many land plots and properties at prime locations across the country.
The company will be the first owned by the Hanoi People's Committee to initiate equitization.
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