Two stakeholders divest from construction giant Vinaconex

By Minh Son August 21, 2020 | 02:10 am PT

Headquarters of Vinaconex Corporation in Hanoi. Photo courtesy of Vinaconex.

Two major stakeholders have announced that they have divested their entire stake, totaling 29 percent, in construction giant Vinaconex.

Ho Chi Minh City-based Cuong Vu Real Estate sold its 21.28 percent stake in Vinaconex on August 13 and 14; while Hanoi-based investment firm Star Invest divested its 7.57 percent stake on the same days.

Both companies sold their stake via put-through orders on the Hanoi Stock Exchange. The total value of the deals was over VND2.5 trillion ($108 million).

Hanoi-based construction firm An Quy Hung remains the largest stakeholder in Vinaconex with a stake of nearly 58 percent.

Vinaconex, in which the government divested its 57.71 percent stake in 2018, posted revenues of VND2.59 trillion in the first half this year, down 34 percent year-on-year.