Plastic production company for VinFast reduces more than half its charter capital
VinFast – An Phat Automobile Plastic Components Co., Ltd. has reduced its charter capital from over VND 420 billion to only VND 208 billion in the recent capital adjustment.
According to the announcement of the latest business registration change, VinFast – An Phat Automobile Plastic Components Co., Ltd. has reduced its charter capital by more than half in May. Ownership structure here has not changed.
Specifically, VinFast – An Phat said that the company currently has a chartered capital of only VND 208 billion, a decrease of more than half compared to the original VND 420.1 billion. In which, the two main shareholders are still VinFast Manufacturing and Trading Company Limited and An Phat Holdings Group Joint Stock Company, each contributing 104 billion VND, equivalent to 50% of the company’s capital.
VinFast – An Phat Automotive Plastic Components Co., Ltd was established in November 2018 under a cooperation agreement between the two parties for the purpose of providing auxiliary plastic products for newly established VinFast automobile manufacturer.
According to the registration, the head office of this enterprise is also located in the plastic molding factory of VinFast Automobile Production Complex in Dinh Vu – Cat Hai Economic Zone (Hai Phong).
Initially, this joint venture had a charter capital of more than VND 420 billion, of which each party owned 50% of the capital. However, as of December 31, 2018, the financial statement of Vingroup (the parent company of VinFast) said that the corporation contributed only VND 30 billion to this joint venture. In the first quarter, Vingroup contributed an additional 74 billion dong to increase the total amount of capital poured here to 104 billion.
After VinFast – An Phat joint venture reduced its charter capital to VND 208 billion, the total amount Vingroup has poured in here is equal to 50% of the registered capital of the business.
As VinFast’s parent company, Vingroup is also a legal entity that owns 50% voting rights in this auxiliary plastic manufacturing joint venture. However, due to cross-ownership through VinFast, Vingroup’s financial statements show that the group owns only 21.14% of the interest in the joint venture.
VinFast is a subsidiary of Vingroup, in charge of automobile manufacturing and trading. The company was established in 2017 with the CEO of Mr. James Benjamin DeLuca and the current Chairman of the Board is Ms. Le Thi Thu Thuy, one of the senior personnel in Vingroup’s business system.
This car manufacturer currently owns a factory with a total investment of more than 3.5 billion USD.
Regarding the capital contribution of An Phat Holdings in the aforementioned joint venture, the Board of Directors of Hanoi Plastic Joint Stock Company recently passed the resolution of deposit and transfer of capital contribution of An Phat Holdings at VinFast – An Joint Venture. Broadcast.
Accordingly, Hanoi Plastics will acquire all 50% of charter capital of VinFast – An Phat joint venture, which An Phat Holdings has contributed, equivalent to VND 104 billion currently.
Meanwhile, An Phat Holdings is the major shareholder owning more than 49% of charter capital in Hanoi Plastic today. Hanoi Plastics has just raised its capital from VND 65 billion to VND 168 billion through paying bonus shares to existing shareholders at a rate of 100%.