Singapore fund spends $30 mln on shares of Vietnam’s top sugar maker

Singapore-domiciled Legendary Venture Fund 1 is estimated to have spent VND760 billion ($30 million) on buying 60.8 million shares of Thanh Thanh Cong-Bien Hoa JSC, the largest sugar company in Vietnam.

The fund bought 32.45 million shares of Thanh Thanh Cong-Bien Hoa JSC, listed on the Ho Chi Minh Stock Exchange as SBT, on July 19 and another 28.35 million on July 22, the fund said in filings to the bourse.

After the two transactions, Legendary Venture Fund 1 raised its holding in the Vietnamese sugar maker to 116.3 million shares, or a 15.71% stake, from the previous 7.5%.

Exchange data showed that there were two put-through transactions on July 19 and July 22 with the exact amounts of SBT shares, valued at VND405.6 billion ($16 million) and 354.4 billion, respectively.

The dates of Singaporean fund’s share purchases coincided with the period (July 12-Agust 10) that Dang Huynh Uc My, who succeeded her mother to become chairperson of SBT on July 13, registered to sell 70 million SBT shares.

If successful, My will cut her ownership in the company, also known as TTC AgriS, to 74.9 million shares, or 9.84% from the current 19.02%.

TTC AgriS has yet to announce any changes to My’s holding.

Besides My, Doan Vu Uyen Duyen, the company’s deputy general direct, also registered to sell her entire 8.2 million SBT shares to a Singaporean fund.

Legendary Venture Fund 1 has been purchasing SBT shares since 2018.

TTC AgriS earned a consolidated net profit of VND187.5 billion ($7.41 million) on revenue of VND6,159 billion in the third quarter of its 2023-2024 fiscal year, up 23% and 8% over the same period last year.

SBT shares closed flat at VND13,100 ($0.52) apiece on Friday.