Tasco raises nearly 1.8 trillion VND from stock offering for what purpose?

Tasco Joint Stock Company (HUT) recently announced its plan to raise nearly 1.8 trillion VND through a stock offering. The entire amount will be allocated for investment and business operations. Specifically, Tasco will contribute capital to Tasco Auto Joint Stock Company (485 billion VND), Tasco Insurance LLC (800 billion VND), and VETC Joint Stock Company (500 billion VND). The disbursement is expected to take place in the first to second quarter of 2025. If the entire registered shares are not sold, the company intends to request an extension or raise funds through other legal means. Meanwhile, two board members, Mr. Dinh Duc Tung and Mr. Tran Duc Huy, have resigned due to personal reasons, pending approval from the General Meeting of Shareholders. Tasco also plans to raise 500 billion VND in bonds and completely divest from a subsidiary.