Dragon Capital raises holding in chemicals giant Duc Giang to 7%

Institutional investors affiliated to Dragon Capital, among the biggest foreign-run asset management companies in Vietnam, have increased their combined holding in Duc Giang Chemicals Group JSC to 7.013% from the earlier 6.923%.

Amersham Industries Limited, DC Developing Markets Strategies Public Limited Company, Hanoi Investments Holdings Limited, Norges Bank, and Vietnam Enterprise Investments Limited on Wednesday purchased 328,300 shares of Duc Giang Chemicals Group JSC (HoSE: DGC), raising their ownership to 26.63 million shares.

The Dragon Group-affiliated investors had bought 150,000 DGC shares on April 5, another 650,000 shares on June 14, before net selling 960,000 shares on June 18 and net buying 580,000 shares on June 28.

DGC shares soared from VND90,000 ($3.58) to VND130,000 apiece in the first quarter of this year and moved in the range of VND110,000-130,000 between April and July.

Since mid-July, this stock has been correcting, from VND128,000 ($5.1) to VND105,000 a share. At the close on Friday, DGC jumped 2.4% to VND106,500.

The chemicals giant earned a consolidated net profit of VND1,515 billion ($60.35 million) in H1/2024, down 6.9% year-on-year. Its revenue stayed flat at VND4,889 billion ($194.75 million).

Shareholders had approved a plan to make a net profit of VND3.1 trillion ($123.5 million) on revenue of VND10.2 trillion this year, up 4.4% and 5% year-on-year, respectively.

The company has delayed its plans to start building its “strategic” VND12 trillion ($478 million) chemical complex in the central province of Thanh Hoa in Q4/2024 from the initial plan of June. The complex is scheduled to come online in Q1/2026.