Company leaders buy millions of shares

By Dat Nguyen   June 21, 2022 | 08:22 pm PT
Company leaders buy millions of shares
An investor looks at stock prices on a screen at a brokerage in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Company bosses in the property, construction and steel sectors are buying millions of their own shares amid the plunging market.

Nguyen Khanh Hung, chairman of real estate developer LDG Investment, has registered to buy two million LDG shares starting June 22.

If he manages to complete the transaction, his stake in the company will go up from 11.29 percent to 12.13 percent.

LDG has sunk by more than 73 percent this year to around VND7,250 ($0.31), meaning Hung will pay around VND14.5 billion for the purchase.

After the stock hit the floor for five sessions in a row last week he told investors that the company’s operations remain normal and there are no negative factors to bring the shares down.

Le Viet Hai, chairman of Hoa Binh Construction Group, has registered to buy 10 million shares of his company, whose price has dropped by half this year.

He informed the Ho Chi Minh Stock Exchange (HoSE) in a filing that he plans to buy between June 23 and July 22.

It would increase his ownership from 15.84 percent to 19.91 percent.

Ho Minh Quang, chairman of Nam Kim Steel, last month completed the purchase of three million NKG shares for an estimated VND90 billion, increasing his ownership from 12.83 percent to 14.2 percent.

At a forum in May, chairman of industrial real estate developer Kinh Bac City Dang Thanh Tam said he was considering buying more KBC shares.

"But I’m just afraid that when the shares rise people will say that I took advantage of the falling market, and so I have not registered to buy though I really want to."

His daughter, Dang Nguyen Quynh Anh, however, registered to buy five million shares starting June 16.

Anh, who is also on the company board, is buying the shares through her own company, Vinatex – Tan Tao, also an industrial real estate developer.

The VN-Index has lost 21.5 percent this year as global markets plunged due to inflation concerns and supply chain disruptions.

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