On February 3, the public offering of over 1.3 million shares of SSG, equivalent to 26.46% of the capital of Sea Eagle Shipping Joint Stock Company (SESCO), held by Vietnam Maritime Corporation – Joint Stock Company (Vinalines, UPCoM: MVN) has ended. As a result, two domestic individual investors have purchased all of the shares, including Mr. Bui Tuan Anh who bought 823 thousand shares and Mr. Truong Quang Anh Nguyen who bought 500 thousand shares. The entire quantity of shares is expected to be transferred in February 2024.
Source: SSG
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This divestment is part of the restructuring plan proposed by MVN, which has previously sought opinions from relevant ministries, departments, and units. In the period 2021-2025, MVN plans to terminate operations of 3 dependent accounting units; divest, reduce capital, or issue additional shares to reduce the capital contribution ratio in 7 enterprises; divest the entire capital, streamline the intermediaries in 8 enterprises; transform into joint-stock companies in 4 enterprises.
With the offering price of 22,300 VND/share, equal to the initial price, Mr. Bui Tuan Anh and Mr. Truong Quang Anh Nguyen have respectively spent 18.4 billion VND and 11.2 billion VND to buy back Vinalines’ ownership. In return, Vinalines will net 29.2 billion VND, after deducting related costs, and will no longer own any shares in SSG.
Looking at the stock market’s performance, as of February 21st, SSG’s stock price reached 13,000 VND/share, up more than 15% since the beginning of 2024, with an average trading volume of nearly 8,000 shares per day. Despite recent gains, the market price of SSG is still significantly lower compared to the offering price of 22,300 VND/share.
| SSG Stock Price Performance since the beginning of 2024 |
In terms of business performance, in the first 9 months of 2023, SSG recorded total revenue of over 27.2 billion VND and net profit of 5.7 billion VND, achieving 55% and 37% of the annual plan approved at the annual general meeting of shareholders.
* Vinalines to auction all SESCO shares with a starting price of 22,300 VND/share
