FLC chairman to increase stakes

He said in a recent statement he would buy 15 million shares between June 26 and July 25 to increase his stake to 23.3 percent.

With FLC trading at VND4,200 (18 cents) at the time of publishing, the acquisition will cost him around VND63 billion ($2.7 million).

Quyet had said last year he would spend VND1.5-2 trillion ($65-86 million) in 2020 to acquire more FLC shares. The share price has fallen by 11 percent this year.

He has been selling his stake in FLC Faros, a construction arm of FLC, from 51.3 percent to 4.17 percent for over VND900 billion ($39 million), and resigned as chairman of the company.

An FLC Faros spokesperson said the divestment could mean Quyet wants to focus more on the parent company and the carrier it owns, Bamboo Airways.

FLC, a developer of resorts and golf courses, expects a loss of VND1.96 trillion ($84 million) this year due to the impacts of the coronavirus.