PYN Elite becomes major shareholder in Vietnam's Mercedes-Benz distributor Haxaco

Finland-based PYN Elite Fund has increased its ownership in Haxaco, a distributor of Mercedes-Benz, to 6.1 million units, or a 5.7% stake, becoming a major shareholder.

The previous figures were 5.2 million and 4.8%, respectively.

Hang Xanh Automobile Services Joint Stock Company (Haxaco) is listed on the Ho Chi Minh City Stock Exchange (HoSE) as HAX.

According to the bourse, Pyn Elite Fund successfully purchased 935,200 HAX shares on December 10.

In the December 10 session, HAX saw a throughput transaction volume equaling the amount of shares purchased by Pyn Elite Fund. The transaction value is VND14.9 billion ($586,700), which means that the price was nearly VND15,900 ($0.63) per share.

This figure was 2.3% lower than the closing price on December 10 (VND16,250). It is likely that the buyer in this transaction was Pyn Elite Fund.

Haxaco is the first official distributor of Mercedes-Benz in Vietnam. Currently, the company owns five dealerships distributing this car line across the country. It also owns five Morris Garages (MG) car distribution agents.

In the first 9 months of 2024, Haxaco recorded revenue of VND3,696 billion ($145.55 million), up 27.2% year-on-year. Profit after tax surged nearly 10 times over the same period last year, reaching VND144 billion ($5.67 million).

Pyn Elite Fund is a large foreign fund on the Vietnamese stock market. At the end of November, total assets under Pyn Elite Fund’s management reached more than EUR802 million ($844.24 million).

Banking and securities stocks have dominated the fund’s portfolio in terms of number and proportion. Its top 10 stocks include six bank or securities stocks. Of these, Sacombank (STB) accounts for nearly one-fifth of the portfolio.