Auto firm THACO chief increases ownership of HAGL Agrico

By Minh Son   August 9, 2019 | 06:31 pm PT
Auto firm THACO chief increases ownership of HAGL Agrico
Mango is among the fruits grown by HAGL Agrico. Photo courtesy of HAGL Agrico.
Tran Ba Duong has increased his stake in agriculture giant HAGL Agrico to 9 percent following his latest share acquisition on Wednesday.

The chairman of auto company THACO bought 50 million shares in the agriculture giant to increase his holding to 80 million shares or 9 percent.

Duong, one of five Vietnamese billionaires in Forbes magazine's 2019 list of world's richest people, has agreed to help restructure HAGL Agrico’s debts.

HAGL Agrico said last week it plans to convert 221,700 bonds to 221.7 million shares to increase its charter capital by a fourth to VND11.08 trillion ($482 million). THACO holds 99.99 percent of the bonds and 14 individuals the rest.

HAGL Agrico has been growing fruits since 2016. Last year passion fruit, bananas and dragon fruit, along with chili, fetched it VND1.4 trillion ($61 million), or around 84 percent of its revenues. Its main markets are China and Thailand.

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