PENM III Germany raises $19.2 million from offloading shares of Hoa Phat Group

08-Nov-2018 Intellasia | Hanoi Times | 6:00 AM Print This Post

The transaction has generated double profit for PENM III Germany with share price of VND41,000 (US$1.76) apiece.

Private Equity New Markets Germany III (PENM III Germany) raised VND447 billion (US$19.24 million) by offloading 10.9 million shares or 0.51 percent stake in Vietnam’s top steelmaker Hoa Phat Group, according to Ho Chi Minh Stock Exchange (HSX).

The transaction period was scheduled from October 5 to 10 through order matching and put through.

PENM III initially planned to sell 20 million shares or 0.94 percent stake in Hoa Phat Group, for which the private equity company cited the low market price was the main reason for its unexpected result.

After the transaction, PENM III currently holds 49 million shares or 2.31 percent stake at the Vietnamese steel producer.

PENM III bought in shares of Hoa Phat Group last March with the price of VND20,000 (US$0.86) apiece.

Previously, Bao Viet Securities Company (BVSC) cut forecast for Hoa Phat Group`s after-tax profit by 10 percent to VND11.7 trillion (US$502.79 million) in 2019. However, the Vietnamese steelmaker’s profit growth can still reach 28 percent in 2019.

Hoa Phat Group’s profit in the third quarter of 2018 is estimated at VND2.25 trillion (US$96.73 million), up 5 percent year-on-year.

In 2017, Hoa Phat Group’s revenue reached VND46.8 trillion (US$2 billion) and its after-tax profit VND8 trillion (US$351.2 million), up 38 percent and 21 percent year-on-year, respectively.

http://www.hanoitimes.vn/investment/2018/11/81E0CEE1/penm-iii-germany-raises-us-19-2 million-from-offloading-shares-of-hoa-phat-group/

 


Category: Stocks, Vietnam

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