Trang Tien Ice Cream becomes a child of Dai Duong Group

After a period of being "suspended", Trang Tien Ice Cream has found its owner. Currently, OCH holds 78.4% of shares in Trang Tien Ice Cream.

3 years "ownerless"

In 2000, Trang Tien Ice Cream Company was equitized. Trang Tien Ice Cream caused a stir when it held a “golden piece of land” in the center of the capital but was only valued at 3.2 billion VND. The undervaluation of the enterprise caused Trang Tien Ice Cream to be quickly acquired. The market rumored that the acquirer spent 32 billion VND to “swallow” the famous enterprise in Hanoi.

Trang Tien Ice Cream has been recorded as a "subsidiary" of OCH. (Photo: KT)

At that time, although not confirmed, the name Ha Van Tham, Chairman of Dai Duong Group, was mentioned in this controversial acquisition deal. Dai Duong Group did not comment on this issue. It was not until the 2010 audited consolidated financial report of Dai Duong Hospitality and Services Joint Stock Company (Ocean Hospitality - OCH) was published that the connection between Dai Duong Group and Trang Tien Ice Cream was officially confirmed.

This financial report does not clearly state the transaction of “swallowing” Trang Tien Ice Cream but only briefly reports through other long-term receivables in the financial statement notes. This receivable reflects the amount of money spent by the company to carry out real estate business projects. Ocean Hospitality determined that Mr. Ha Trong Nam, brother of Mr. Ha Van Tham (related party of the company) received 500 billion VND. This is an advance payment to Mr. Ha Trong Nam according to the transfer contract No. 2510/2010/HD-CNCP dated October 25, 2010 regarding the company receiving the transfer of 634,700 shares of Trang Tien Joint Stock Company from a group of shareholders, including Ms. Nguyen Thi Lan Huong, Mr. Ha Van Tham and Mr. Ha Trong Nam (related parties of the company).

Since 2010, OCH has had many business acquisitions. While most of the businesses acquired later were recorded as “subsidiaries” of OCH, Trang Tien Ice Cream is still “ownerless”. After many quarterly financial reports, the amount of 500 billion VND related to Trang Tien Ice Cream is still “hanging” in receivables. Even up to the 2013 consolidated financial report, Trang Tien Ice Cream has not yet stabilized its “position”. However, in the 2013 financial report audited by Deloitte Vietnam, Trang Tien Ice Cream was recorded as a “subsidiary” of OCH.

Officially a "child" of OCH

As of December 31, 2013, Trang Tien Ice Cream was recorded as a “subsidiary” of OCH. In which, Mr. Ha Trong Nam is still closely involved in the “father-son” relationship between OCH and Trang Tien Ice Cream. In other long-term receivables, Mr. Ha Trong Nam is still named with 500 billion VND.

The financial statement notes once again confirm that this is an advance payment to Mr. Ha Trong Nam (a related party of the company) according to the Share Transfer Contract No. 2510/2010/HD-CNCP dated October 25, 2010 regarding the company receiving the transfer of 634,700 shares of Trang Tien Joint Stock Company from a group of shareholders. “The company has re-evaluated the assets managed and used by Trang Tien Joint Stock Company by hiring experts to re-evaluate the assets. The Board of Directors believes that the transaction price of this transfer is consistent with the market price at the time of purchase,” OCH said.

Determining the date of taking control of Trang Tien Ice Cream is December 31, 2013, so the revenue of Trang Tien Ice Cream is not recorded in OCH's revenue in 2013. Trang Tien Ice Cream also does not have many transactions with OCH like many other subsidiaries, such as Suoi Mo Hotel and Tourism Joint Stock Company, Givral Cake Joint Stock Company, etc. Perhaps, the revenue from Trang Tien Ice Cream will be recorded in OCH from the first quarter of this year. Information about Trang Tien Ice Cream is also disclosed very little. The financial report shows that OCH holds 78.4% of shares in Trang Tien Ice Cream. Another information was also revealed. That is, the revenue from selling fixed assets, tools, equipment, and goods at Trang Tien Ice Cream of OCH in 2012 was 6.8 billion VND./.

According to vov