Thaiholdings founder to sell company stake

By Minh Son May 27, 2022 | 01:22 am PT

Thaiholdings Tower in Hanoi. Photo courtesy of Thaiholdings

Nguyen Duc Thuy, founder of Thaiholdings, has registered to sell his 87 million shares in the real estate company for portfolio restructuring.

The disinvestment, set to take place in June, is expected to fetch over VND5 trillion ($215.56 million) on the basis of the company’s share price Friday morning.

Thuy, 46, was the chairman of ThaiGroup and related companies and subsidiaries, including Thaiholdings, Kim Lien Travel, and Enclave Phu Quoc.

He found Thaiholdings in 2011 and resigned as its chairman in February 2020, citing personal issues.

But he remains one of its largest shareholders, with his younger brother Nguyen Van Thuyet the company’s chairman.

Earlier this year, it was the most expensive ticker on the Hanoi Stock Exchange at VND280,000 a share.

It has lost around 80 percent since, trading around VND57,500 as of Friday morning.