Construction firm Coteccons' shareholders advised to buy in when price falls
Leading Vietnamese construction firm Coteccons’ chairman Bolat Duisenov said the company's shareholders should place their trust in its long-term outlook and purchase more shares when prices fall.
He made the suggestion at the firm's annual general meeting on Tuesday, during which shareholders expressed their concerns over the firm’s falling share price. One shareholder said that last year, Coteccons dropped to VND23.450 ($1), the lowest level since the company was listed in 2009, and many shareholders suffered losses.
Coteccons chairman Bolat Duisenov speaks at his company’s virtual annual general meeting on April 25, 2023. Screenshot photo.
Duisenov explained that his company’s shares hit bottom prices last November due to a widespread market trend. Without being able to meet every shareholder face-to-face, and using online meetings as an alternative, he affirmed his company’s positive long-term outlook.
Shares in the company have recovered strongly compared to about six months ago, currently trading at around VND57,000 ($2.43).
The chairman noted that Coteccons’ top management is seeking to reach its target of $3 billion in revenue and $1 billion in market capitalization over the next two years, but there is still a lot to do to reach those goals.
"However, we always listen to our shareholders and do not leave them in the dark.”
Duisenov said the firm plans to issue nearly 25 million bonus shares at a 3:1 ratio (i.e. three shares retained equals one bonus share) at the request of shareholders. The bonus shares will be transferrable.
"So, next time if the price falls, you should buy in more," he said.
At last year’s annual general meeting, shareholders also raised the same concerns. He also said investors should pay attention to long-term prospects as the stock market was not looking good for short-term surfers.
In August 2022, Coteccons secured a contract to build a carbon-neutral manufacturing facility for Lego Group in the southern province of Binh Duong, in which the Danish toymaker is investing more than $1 billion.
Coteccons is listed on the Ho Chi Minh Stock Exchange (HoSE) as CTD. It closed on Wednesday at VN57,300 ($2.44), down 1.36% against Tuesday.
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