Truong Hai Automobile JSC (Thaco) owned by billionaire Tran Ba Duong has taken a further step in the field of agriculture after entering the strategic cooperation with Hoang Anh Gia Lai (HAGL) Group owned by Doan Nguyen Duc.
Under the agreement, Thaco will be in charge of the overall restructuring of HAGL Agricultural JSC and the development of the second phase of the HAGL-Myanmar project.
The strategic cooperation agreement was signed on August 03 and announced on August 08.
Specifically, Thaco and its shareholders spent more than $172 million acquiring convertible bonds to hold a 35-per cent stake in HAGL Agriculture Joint Stock Company (HAGL Agrico), $97.3 million of which came from Thaco alone
Accordingly, Thaco will be responsible for restructuring the entire operations of HAGL Agrico with the total investment capital estimated at $531 million.
In addition, Thaco acquired a 51-per cent stake in HAGL Myanmar Joint Co., Ltd. and planned to raise its shareholding to a 65-per cent stake with the total investment capital of over $163 million.
Thaco and Dai Quang Minh Real Estate JSC will be in charge of developing the second phase of the HAGL-Myanmar project which covers the total investment of $320 million and is expected to be completed by 2020.
Thus, the total capital to be invested by THACO in two members of HAGL Group will reach nearly $900 million.
Delivering speech at the announcement ceremony, Prime Minister Nguyen Xuan Phuc stated that the strategic cooperation between Thaco and HAGL would not only pave for the application of 4.0 technology in agriculture but also re-channel investment flows in the agricultural sector and open opportunities for the newbies. This can be called a historic reversal.
Phuc believed that this cooperation will change the prejudice that agricultural investment does not yield high profits. If investors apply high technology and have good product thinking and smart market strategies, they will enjoy achievements.
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