Dragon Capital cuts holdings in Dat Xanh Group following chair change

Funds affiliated to Dragon Capital, among the leading foreign-run asset management firms in Vietnam, have reduced their combined stake in realty firm Dat Xanh Group to 10.88% from 11.02%.

Norges Bank and Wareham Group Limited unloaded 200,000 and 800,000 shares in Dat Xanh Group, listed on the Ho Chi Minh Stock Exchange as DXG, on Monday, July 8, cutting the combined holding of Dragon Capital-related funds to 78.43 million shares.

The move followed Luong Tri Thin’s resignation as DXG’s chairman on July 3 after more than two decades, succeeded by Luong Ngoc Huy. The same day, the firm established a strategy council, headed by Thin, who remains a board member.

DXG shares closed Friday down 1% at VND14,550 ($0.57) apiece, the lowest in around a year. The shares have lost 24.8% in value this year and 9.6% since Thin’s resignation.

At the firm’s 2024 AGM in April, the company said it would settle legal issues for eight key projects this year, which would provide some 20,000 products for densely populated areas such as Ho Chi Minh City and its neighboring provinces Binh Duong and Dong Nai.

For this year, Dat Xanh Group is targeting a net profit of VND226 billion ($8.9 million) on revenue of VND3.9 trillion ($153.45 million), up 31% and 5% from 2023, respectively.