The Board of Directors of Thai Nguyen International Hospital Joint Stock Company (HoSE: TNH) has just decided to extend for the third time the loan of VND92 billion from the Board members. This is the amount the company borrowed from its leaders to pay off bonds issued in 2020.
The extension period is until March 31, 2025. According to TNH, the two parties extended the loan contract so that the company can complete the procedures for issuing shares according to the resolution of the 2023 Annual General Meeting of Shareholders and arrange capital to repay the debt according to the signed contract.
It is known that this is an unsecured loan, with an interest rate equivalent to BIDV’s 12-month deposit interest rate. The lending board members include Mr. Hoang Tuyen (VND35.6 billion), Mr. Le Xuan Tan (VND11.4 billion), Mr. Nguyen Van Thuy (VND35 billion), and Mr. Nguyen Xuan Don (VND10 billion).
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| List of members of the Board of Directors of the Company lending to TNH |
Notably, this is the third time TNH has extended the debt payment deadline. The first time the company requested an extension until May 31, 2024 and the second time until October 31, 2024.
At the 2023 Annual General Meeting of Shareholders, shareholders approved the plan to offer more than 15.2 million shares at VND10,000/share, expected to raise VND152 billion. This amount will be used to repay loans to members of the Board of Directors and supplement working capital, as well as repay debts to credit institutions.
Although TNH plans to launch a stock offering from the end of 2023, this plan has not yet been implemented.
In terms of business, in the first half of 2024, TNH Hospital Group recorded revenue of VND 222.5 billion, down 3.1% over the same period. Profit after tax reached VND 53.6 billion, down 13.5%, with gross profit margin falling sharply from 44.5% to 36.3%.
TNH set a revenue target of VND540 billion and after-tax profit of VND155 billion in 2024. However, after the first half of the year, the company only completed 34.6% of the revenue plan.
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| Profit after tax of TNH Hospital Group Corporation in recent years |
In another development, TNH is planning to change its name from Thai Nguyen International Hospital JSC to TNH Hospital Group JSC. The company also plans to add a preventive healthcare business, including services such as vaccination and disease prevention vaccination.
In addition, TNH wants to increase the foreign ownership ratio to 70%. According to the company, this will help TNH shares increase liquidity, increase the ability to mobilize capital, expand the scale of operations, and attract more foreign investors to the shareholder structure.
Closing the trading session on August 12, TNH shares increased by 200 VND to 23,300 VND/share.