Dragon Capital-linked funds no longer major shareholder of Hoa Sen Group

By Minh Anh

Mon, September 2, 2024 | 10:41 am GMT+7

Funds affiliated with Dragon Capital, among the leading foreign-run asset management firms in Vietnam, have continuously sold shares of Vietnamese steel major Hoa Sen Group and quit being a major shareholder.

Amersham Industries, Hanoi Investments Holdings, Norges Bank, and Vietnam Enterprise Investments jointly sold 3.5 million shares of Vietnamese steel major Hoa Sen Group on August 28, cutting their holding to 29.95 million shares, or a 4.86% stake, from the earlier 5.43%, Dragon Capital said in a filing to the Ho Chi Minh Stock Exchange.

Inside a Hoa Sen Group factory. Photo courtesy of the company.

Since the start of this year, the Dragon Capital-led shareholders have been unloading shares of the steelmaker (HoSE: HSG), lowering their ownership from 12%-plus. They sold some 19 million HSG shares last month.

HSG shares ended flat at VND20,800 ($0.84) on Friday, the last trading day ahead of the National Day holiday. They have lost 8.8% in value in the year to date and 4.6% in August, exchange data showed.

Hoa Sen Group earned a consolidated net profit of VND273.4 billion ($10.9 million) on revenue of VND10,840 billion in Q3 of its 2023-2024 fiscal year, up 18.3-fold and 25.4% year-on-year, respectively, according to its quarterly financial statement.

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