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Despite healthy performance, foreign funds divest MWG
http://www.vir.com.vn/ - 12/29/2017 8:57:40 AM
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As confirmed by the Ho Chi Minh City Stock Exchange (HSX), CDH Electric Bee Limited recently registered to divest a total of 1.23 million shares through a negotiable instrument aiming at investment banking restructuring. The divestment transaction is scheduled for January 2-3, 2018, leaving roughly 1.24 million shares in CDH Electric Bee Limited’s hands, equivalent to 0.4 per cent of Mobile World’s charter capital.
 
Previously, on October 26, CDH Electric Bee earned more than VND62 billion ($2.7 million) from divesting a total of 479,630 shares.
 
In late July, CDH transferred two million MWG shares to member funds under the management of Dragon Capital, gaining around VND202 billion ($8.9 million).
 
Between October 12 and November 10, private equity fund Mekong Enterprise Fund II (MEF II) completed the divestment of three million MWG shares.
 
Additionally, on November 30, HSX announced that another foreign equity fund called PYN Elite Fund was no longer a major shareholder of Mobile World after selling 2.2 million shares.
 
On December 19, the Board of Directors (BOD) at Mobile World Group approved of the 2018 business plan, which would be presented at the annual general meeting (AGM) scheduled in March 2018. In particular, the consumer electronics retailer set the target revenue of VND86.39 trillion ($3.8 billion) and the target post-tax profit of VND2.6 trillion ($114.9 million), equivalent to respectively 36.5 and 18.3 per cent increases on-year.
 
However, the specific business plan for thegioididong.com, Dien May Xanh, and Bach Hoa Xanh, has not yet been unveiled.
 
Over the last four months, MWG’s stock showed a drastic upturn of 30 per cent in price, from VND102,000 to VND130,000 ($4.49-5.73) per share at the close on December 27.
 
To date, MWG was reported to achieve a total revenue of VND58.9 trillion ($2.5 billion) for eleven months of 2017, posting a whopping 124 per cent growth in the revenue gained from consumer electronics retail business and 14 per cent growth in revenue from the mobile phone retail business. Besides, after-tax profit was recorded at VND1.9 trillion ($87.8 million), up 38 per cent against 2016. Consequently, for eleven months of 2017, the firm accomplished 93 per cent of its revenue and 91 per cent of its profit target.
 
By Sam Luong
 
Read original article here
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