GTNFoods (GTN) has increased its foreign holdings ratio to the maximum level of 100 per cent. The company will also stop using its former name, Thong Nhat Investment and Manufacturing JSC, and will now use GTNFoods as its official name. This is the second time GTN has changed its business name. According to the firm, the name change emphasises GTNFoods' core business in food production.
GTN which was established over ten years ago, via a merger of companies involved in bamboo manufacturing, construction infrastructure, minerals, building materials, plastics, agricultural products and foodstuffs.
The company was named Dai Viet Minerals and Environment JSC, then Thong Nhat Investment and Manufacturing JSC in 2013.
GTN used to be involved in railway and road construction, electrical appliances and furniture producing. It now focuses on agriculture and consumer goods.
GTN increased its capital to VND1.5 trillion (US$66.8 million) at the beginning of the year.
GTN recently announced that it would divest from non-core businesses, including Thong Nhat Agricultural Materials JSC, Thong Nhat Energy JSC, and Thong Nhat Construction JSC.
In March, Singapore's Two TEAL Partners Ltd, bought 30 million shares, or a 20 per cent stake, and became a strategic partner of the firm.
The HCM Stock Exchange (HOSE) adjusted the percentage of foreign holdings in GTN from 17.78 per cent to 100 per cent in late May.
Last weekend, the FTSE Viet Nam, a local open-end fund tracked by the VN30 Index, added GTN to its 2016 basket of stocks, under which GTN will be traded as of June 20.
In the first quarter of 2016, the firm earned VND745 billion in revenue and VND3.5 billion in after tax profit.
GTNFoods shares rose more than 5 per cent to reach VND20,800 each on the HCM Stock Exchange yesterday.