Dragon Capital raises holding in housing developer NLG as chairman divests
Dragon Capital, among the biggest fund managers in Vietnam, has increased its holding in Nam Long Investment Corp, a major affordable housing developer in the Southeast Asian country.
The EHomeS Nam Saigon project in Ho Chi Minh City, developed by Nam Long Investment Corp. Photo courtesy of the company.
Two funds affiliated to Dragon Capital, Vietnam Enterprise Investments Limited and Saigon Investments Limited, bought a combined 1.48 million shares of Nam Long Investment Corp, listed on the Ho Chi Minh Stock Exchange as NLG, on March 22.
After the transactions, foreign funds related to Dragon Capital now hold 6.03% in NLG, or 23.21 million shares, up from 5.65%.
On May 16, two funds affiliated to Dragon Capital bought 1.97 million shares in NLG, raising their combined holding in the developer to 5.18% and becoming major shareholders.
Meanwhile, chairman of NLG Nguyen Xuan Quang sold two million shares in the company last week via put-through transactions, cutting his ownership to 40.45 million shares, or a 10.51% stake.
NLG has three other major shareholders: Ibeworth Pte. Ltd., Hanoi Investments Holdings Limited, and TBS Group.
NLG incurred a consolidated net loss of VND76.85 billion ($3 million) in Q1/2024, versus a net profit of VND6.81 billion ($267,323) in the same period last year. Its revenue slipped 13% year-on-year to VND204.63 billion, according to its financial statements.
NLG shares ended down 4.36% at VND43,900 ($1.72) apiece on May 24.
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