TTC Land’s Chairwoman Sells Shares Amid Restructuring

Ms. Dang Huynh Uc My, Chairwoman of the Board of Directors of TTC AgriS, has registered to sell all 110,419 SCR shares of TTC Land, where her brother serves as Vice Chairman of the Board of Directors.

Ms. Dang Huynh Uc My, also known as the Sugarcane Princess, has initiated the sale of her entire stake in Saigon Thuong Tin Real Estate Joint Stock Company (TTC Land – stock code: SCR) from September 18 to October 17. This move is part of her efforts to restructure her investment portfolio.

Ms. My, 43, is the daughter of Mr. Dang Van Thanh, Chairman of Thanh Thanh Cong Group, and Ms. Huynh Bich Ngoc. Her decision to sell all 110,419 SCR shares comes at a time when the stock is trading around VND5,390/share, significantly lower than its book value of VND12,314/share. Since April, SCR has experienced a decline of approximately 32%, and its market price has decreased by 78% compared to the beginning of 2022.

In mid-July, Thanh Thanh Cong – Bien Hoa Joint Stock Company (TTC AgriS – stock code: SBT) announced the resolution of the Board of Directors, electing Ms. Dang Huynh Uc My as the new Chairwoman of the Board of Directors of TTC AgriS, replacing Ms. Huynh Bich Ngoc. Ms. Huynh Bich Ngoc now holds the role of senior advisor to the Board of Directors.

During the second quarter of this year, Saigon Thuong Tin Real Estate Joint Stock Company reported net revenue of over VND75 billion, representing a nearly 10% increase from the same period last year. The company’s business management costs decreased by almost half, reaching nearly VND20 billion. As a result, TTC Land’s pre-tax profit in the second quarter reached VND9 billion, up 28% from the previous quarter.

However, the company’s after-tax profit was only approximately VND1 billion. In the first half of the year, TTC Land achieved VND5.7 billion in after-tax profit and over VND144 billion in revenue.

As of June 30, TTC Land’s total assets increased by 2%, reaching VND10,867 billion. The company recorded inventories of VND4,100 billion, consisting of VND2,900 billion in unfinished real estate and VND1,168 billion in real estate goods.

TTC Land’s debt stands at over VND5,744 billion, with short-term debt accounting for the majority at over VND4,232 billion (approximately 74%). Long-term debt amounts to over VND1,511 billion. Notably, the company’s equity only reached over VND5,123 billion, resulting in liabilities exceeding equity.

According to the consolidated financial report for the second quarter, TTC Land has used several assets as collateral for bank loans.