Pacific Holdings Investment JSC, the biggest shareholder of construction and real estate corporation Vinaconex, has registered to sell 19.6 million VCG shares, reducing its ownership to a 56.19% stake.
The transaction is expected to take place from March 31 to April 28.
Previously, Pacific Holdings Investment JSC had sold 13 million VCG shares from February 20 to March 27, reducing its ownership to 60.23%, with proceeds of VND260 billion ($11.07 million).
The move comes in the context that VCG's share price has been moving sideways for more than two months at around VND20,000 ($0.85) per unit. At this price, the largest shareholder could collect more than VND400 billion ($17 million) from its latest divestment from March 31 to April 28.
Many Vinaconex leaders also hold positions at Pacific Holdings. Tran Dinh Tuan, deputy general director of Vinaconex, is currently chairman and general director of Pacific Holdings.
Meanwhile, chairman Dao Ngoc Thanh; board member and CEO Nguyen Xuan Dong; board member and deputy general director Duong Van Mau; and deputy general director Nguyen Huu Toi are founding shareholders and board members of Pacific Holdings.
In 2023, Vinaconex set a revenue target of VND16.34 trillion ($695.67 million), up 70% year-on-year, and after-tax profit of VND860 billion ($36.61 million), down 8%.
In 2022, the corporation recorded after-tax profit of VND1.05 trillion ($44.74 million), up 101% year-on-year, fulfilling 75% of its target. Its consolidated net revenue was VND8.63 trillion ($368 million), up 50%, or 56.3% of the target.
As of December 31, 2022, Vinaconex's total assets stood at VND32.29 trillion ($1.38 billion), up 4% compared to the beginning of the year, the majority of which were short-term receivables worth nearly VND9.4 trillion ($401 million).
On the Ho Chi Minh City Stock Exchange, the VCG share price hit VND20,750 ($0.88) per unit at Tuesday's close. Its corresponding market capitalization was approximately VND10.08 trillion ($429.24 million).