Dragon Capital offloads shares in chemical group Duc Giang
Leading fund management company Dragon Capital sold nearly 400,000 DGC shares in major chemical producer Duc Giang Chemicals Group on June 1, reducing its ownership from 5.03% to 4.93%, equivalent to 18.7 million shares.
The transaction means Dragon Capital is no longer a major shareholder in the chemical group, listed on the Ho Chi Minh Stock Exchange (HoSE) as DGC.
Calculated at DGC's market price on June 1, Dragon Capital is expected to earn nearly VND22 billion ($936,500) from the deal.
In mid April, Vietnam Enterprise Investments Limited (VEIL), a member of Dragon Capital, had sold 200,000 DGC shares.
Duc Giang Chemicals Group's factory in Hai Phong city, northern Vietnam. Photo courtesy of the company.
In the first quarter of 2023, Duc Giang reported net revenue of VND2.48 trillion ($105.7 million), down 32% year-on-year, and after-tax profit of VND823 billion ($35 million), down 45%. This is the third consecutive quarter that Duc Giang's profit has grown negatively compared to the previous quarter and a record low for the last six quarters.
Duc Giang has set a revenue target of VND10.88 trillion ($460 million) in 2023, down 24.7% year-on-year, and after-tax profit of VND3 trillion ($126.87 million), down 50.3%.
The company expects revenue from yellow phosphorus (P4) to reach VND4.61 trillion ($194.87 million), accounting for 42.4% of the total; and phosphoric acid VND2.18 trillion ($92.35 million), or 20.1%.
On the Ho Chi Minh City Stock Exchange, the DGC share price was VND60,400 ($2.57) at Wednesday's close
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