Cen Land transforms into real estate developer with bold goals
Cen Land is shifting from brokerage to development, targeting a 170% revenue increase and 424% profit growth in 2025.
The Division of Competition and Consumer Protection (under Ministry of Industry and Trade) has just announced its approval of Mobile World JSC (Mobile World)’s acquisition of Tran Anh Digital World JSC (Tran Anh) despite some concerns it would reduce the number of competitors in the retail market for IT products.
According to the announcement, Mobile World plans to purchase 100 per cent of stake from Tran Anh’s existing shareholders. After the acquisition, Mobile World will become the Tran Anh’s parent company to directly manage and operate all of Tran Anh’s business activities.
Mobile World is leading the retail market specializing in IT products (accounting for over 30 per cent).
The report issued by Vietnam Competition Authority stated that the economic concentration between Mobile World and Tran Anh in the acquisition form is not prohibited as stipulated in Article 18 of the Competition Law. Thus, Mobile World can acquire Tran Anh in accordance with regulations without violating the Competition Law.
Although the deal has not been completed yet, in late September, Tran Anh appointed Mobile World’s staffs to the positions of Chief Financial Officer and Deputy General Director of the company.
Tran Anh's shareholders agreed to sell more than 25 per cent of its charter capital without IPO (initial public offering) to Mobile World. It also canceled the listing on Hanoi Stock Exchange (HNX).
According to a report recently released, in the first 10 months of 2017, Mobile World’s revenue reached 53,292 billion (US$2.35 billion), up 52 per cent over the same period last year. The company achieved VND1,811 billion (US$79.8 million) in after-tax profit, up 36 per cent year-on-year.
Mobile World is operating 1,854 supermarkets and stores including 1,067 Thegioididong.com stores, 566 Geen Electronics (Dien May Xanh) supermarkets and 211 Green Groceries.
According to Tran Anh’s 2016 annual report, the company accounts for 14 per cent of electronics market share nationwide with 39 electrics stores, operating mostly in the central and northern parts of Vietnam.
Currently, 55 per cent stake of Tran Anh belongs to Chairman Tran Xuan Kien and his family while a 31 per cent stake is held by Japanese electronics retailer Nojima.
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