Mobile World chairman picks up 1 million tumbling shares

By Thi Ha November 4, 2023 | 08:23 pm PT

A Mobile World store in Ho Chi Minh City. Photo by VnExpress/Tat Dat

Mobile World Group chairman Nguyen Duc Tai has registered to buy one million shares of the company after they fell to a three-year low.

The transaction, which is scheduled between Nov. 8 and Dec. 12, will increase Tai’s total ownership to 36.1 million shares, or a 2.46% stake in the electronics retail giant (MWG).

At current prices, the deal is estimated to cost Tai VND39 billion (US$1.6 million).

MWG hit floor prices on Tuesday and Wednesday and dropped to the three-year-bottom of VND33,600 on Thursday.

A recent sale-off from foreign investors is believed to contribute to MWG’s decline.

Vietnam focus fund manager Dragon Capital net sold 4.1 million shares on November 1, reducing its ownership down from 7.19% stake to 6.9%.

Since early October, non-nationals have net sold nearly 24 million MWG shares worth VND1.1 trillion. There is now a 2% gap in the company’s foreign ownership.