Realty firm VMI becomes major shareholder in Vingroup
VMI Real Estate Investment and Management JSC (VMI) has become a major shareholder of Vietnam’s largest private conglomerate Vingroup, with a 6.29% stake.
Vingroup (VIC) chairman Pham Nhat Vuong, who set up VMI this October, transferred 243.4 million VIC shares to VMI on Thursday. The transaction went through the Vietnam Securities Depository.
VIC's stock price closed on Thursday at VND64,600 ($2.6), therefore the shares transferred were worth about VND15,723 billion ($633.8 million).
Before the transaction, Vuong kept more than 985.5 million VIC shares, equal to 25.47% of Vingroup's chartered capital. After the transaction, the figures dropped to 742 million and 19.18%, respectively.
Currently, Vingroup's major shareholders include Vietnam Investment Group JSC, a company controlled by Vuong with a 32.6% stake, Vuong (19.18%), and VMI (6.29%).
Pham Nhat Vuong, chairman of Vingroup. Photo courtesy of the group.
Last month, Vuong spent 243 million of the group’s VIC shares, worth VND16,200 billion ($678.4 million) per the average market price of 50 trading sessions as of September 13, to set up VMI with a chartered capital of VND18,000 billion ($754 million). He owned a 90% stake in VMI.
The company will buy existing or future properties of Vinhomes and divide the equity into 50 parts. Customers can invest in the portions through a business cooperation contract. The person who cooperates with VMI will be certified by the company for their property rights and receive profits generated thereof in proportion to the investment ratio.
VMI will offer flexible investment cooperation policies based on market realities while committing to a minimum annual profit to ensure participants get a fixed income in the event of adverse market movements. The investment cooperation policies will be publicly announced by VMI on the online real estate information platform.
Pham Nhat Vuong is among the richest people in Vietnam by stock market assets, according to Forbes.
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