VNG chief to sell 3.42% stake on stock market

By Dat Nguyen August 20, 2023 | 07:29 pm PT

Programmers are seen at VNG Campus in Ho Chi Minh City. Photo courtesy of VNG Corp

The founder and CEO of online game producer VNG Corp, Le Hong Minh, has registered to sell 938,783 shares, representing a 3.42% stake in the company.

The company said in a disclosure to the Unlisted Public Company Market (UPCoM) that the transaction would be carried out between August 22 and August 31.

VNZ of VNG Corp. Chart by TradingView

VNZ is now the highest priced stock in Vietnam at VND1.1 million (US$46.18).

The sale would fetch Minh around VND1 trillion, and afterward his ownership will reduce from 12.27% to 8.85%.

VNZ started this year at VND240,000 and rose to VND1.2 million at one stage.

It has gained 50% in the last four weeks.

The company’s main business, which accounts for 80% of its revenues, is producing online games, and it also offers payment and cloud services.

It has operations in Hong Kong, Thailand, Singapore, the Philippines, Myanmar, Taiwan, and Indonesia.