Foreign investors buy Vingroup shares worth $250 million

By Minh Son May 21, 2019 | 05:34 am PT

Vingroup's Vincom Center is seen in Distrct 1, Ho Chi Minh City. Photo by Shutterstock/Alex W.

Over VND5.8 trillion ($247.78 million) worth of Vingroup shares were transferred Tuesday to foreign buyers, whose identities were not revealed.

The transfer was registered on Vietnam’s main stock exchange, Ho Chi Minh City Stock Exchange (HoSE) by the end of Tuesday’s session.

More than 51.4 million VIC shares of Vingroup, Vietnam’s biggest private conglomerate, were bought by foreign investors for VND113,000 ($4.83) each.

The total value of the shares sold is equivalent to 1.6 percent of Vingroup’s current market cap of VND375 trillion ($16.02 billion).

VIC shares are currently the highest market cap stock on Vietnamese exchanges.

Last week, South Korean conglomerate SK Group confirmed it will spend $1 billion on acquiring a stake in Vingroup. The group will acquire 205.7 million shares at the price of VND113,000 ($4.83) each to secure a 6.15 percent stake in the Vietnamese company.

The movement of VIC shares on HoSE made up a significant proportion of trading volume for the day, which came to VND9.5 trillion ($405.8 million).

Closing the Tuesday session, the benchmark VN-Index fell slightly by 0.84 points to 986.29 points (down 0.09 percent). Hanoi’s HNX-Index dropped 0.03 percent to 106.28 points, while the Upcom-Index for unlisted public companies increased slightly by 0.11 percent to 55.37 points.