THACO to issue a new 10% stake of THACO AUTO

On the afternoon of June 28, THACO Vice Chairman Nguyen Hung Minh announced, THACO and its financial adviser, Ho Chi Minh City Securities Corporation (HSC) are working on a plan to issue a new 10% stake in THACO AUTO (THACO's automotive Sub-holding) to strategic investors.

On the other hand, THACO's ESOP options in 2018 will also be converted into shares to transform THACO AUTO into a public joint stock company that is listed in the market within the next 3 years.

The capital raised from this share issuance will be used to serve THACO AUTO's production and business operations, its retail network expansion, and product development in the near future.

Responding to the information that THACO has a truck factory in Vietnam's northern Hung Yen Province, Mr. Minh denied, "The information is incorrect as all production activities of THACO AUTO only take place at our industrial park in Chu Lai, Vietnam's central Quang Nam Province."

At the moment, Vietnamese and foreign investors are working with THACO to negotiate the deal. The share issuance is expected to be completed this year.