Vinaconex to gain $35.8 million from VCP shares As the shares, with sticker VCP, closed at VND52,000 each on February 18 on the official unlisted market UpCOM, Vinaconex-owned shares, or 28 per cent of the stake, was worth VND832 billion (US$35.8 million). According to Vinaconex’s financial statements for Q4 2019, it paid more than VND137 billion for the shares. Vinaconex said the transactions could be made via order matching or put-through between February 19 and March 18. The divestment announcement was made last Friday when VCP shareholders agreed to allow its second largest shareholder PVI Opportunity Investment Fund to increase ownership to more than 25 per cent without a public tender procedure. The firm also decided to list its shares on either the Ha Noi Stock Exchange (HNX) or the HCM City Stock Exchange (HoSE) in Q2 or Q3 this year. VCP's shareholder structure has changed since November 2019 when PVI Opportunity Fund bought shares of VCP with a volume of 13.9 million units, increasing its ownership to 24.4 per cent. Thong Nhat Asia Investment, on the other hand, sold 3.9 million shares and is no longer a major shareholder since February 10. Recently, VSD Investment also registered to withdraw… Read full this story
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