Dragon Capital cuts holdings in Vietnam realty developer Dat Xanh to 9.3%

Dragon Capital, among the leading foreign-run asset management firms in Vietnam, has reduced its holding in Vietnamese real estate developer Dat Xanh Group to 9.32% from the previous 10.08%.

A group affiliated with Dragon Capital sold 5.5 million shares of Dat Xanh (HoSE: DXG) on November 20, cutting their ownership to 67.17 million units.

Among them, Grinling International Limited sold 1.5 million DXG shares, Hanoi Investments Holdings Limited 1.16 million, Norges Bank and Wareham Group Limited 1 million each, and Saigon Investments Limited 837,334.

DXG shares ended up 6.2% at VND17,100 ($0.67) on November 20. At this price, the group bagged VND94 billion ($3.7 million).

On October 24, Dragon Capital said the group had unloaded 800,000 DXG shares to lower their combined holding to 78.6 million shares, or a 10.9% stake.

As such, the group has net sold 11.43 million DXG shares over the past month.

Ho Chi Minh City-based Dat Xanh Group earned a consolidated net profit of VND244.4 billion ($9.62 million) on revenue of VND3,203 billion in the first nine months of this year, up 63.4% and 38.9% year-on-year, respectively. Net profit attributable to the parent firm was VND94.9 billion, down 26.5%.

In another development, DXG has secured a go-ahead to build a 96.8-hectare urban area in Chau Thanh district of the Mekong Delta province of Hau Giang, with an estimated cost of VND4,365 billion ($171.73 million).

DXG shares ended up 1.2% at VND17,200 ($0.68) apiece on Tuesday.