On February 3rd, the public offering of over 1.3 million shares of SSG, equivalent to 26.46% of the capital of SESCO Maritime Transportation Joint Stock Company (SESCO), held by Vietnam Maritime Corporation – Joint Stock Company (Vinalines, UPCoM: MVN), has closed. As a result, two domestic individual investors have purchased all the shares, including Mr. Bui Tuan Anh buying 823 thousand shares and Mr. Truong Quang Anh Nguyen buying 500 thousand shares. The entire amount of these shares is expected to be transferred in February 2024.
Here is an image related to the news:
This divestment phase is included in the draft restructuring plan that Vinalines has previously submitted for opinions of relevant ministries, departments, and units. In the 2021-2025 period, Vinalines plans to terminate operations of 3 dependent accounting units; divest, reduce capital, or issue additional shares to decrease its ownership ratio in 7 enterprises; completely divest and streamline its stake in 8 enterprises; transform them into joint-stock companies in 4 enterprises.
At the offering price of VND 22,300 per share, the same as the starting price, Mr. Bui Tuan Anh and Mr. Truong Quang Anh Nguyen spent VND 18.4 billion and VND 11.2 billion, respectively, to repurchase Vinalines’ ownership. In return, Vinalines earned a net amount of VND 29.2 billion, after deducting related costs, while no longer holding shares in SSG.
Considering the stock market movements, SSG’s stock price reached VND 13,000 per share at the end of February 21st, an increase of over 15% compared to the beginning of 2024, with an average trading volume of nearly 8 thousand shares per day. Despite recent positive trends, the SSG stock price is still significantly lower compared to the offering price of VND 22,300 per share.
Here is a chart displaying the stock price movement of SSG since the beginning of 2024:
In terms of business performance, in the first 9 months of 2023, SSG recorded a total revenue of over VND 27.2 billion and a net profit of VND 5.7 billion, achieving 55% and 37% of the annual plan approved by the Annual General Meeting of Shareholders.
Vinalines is about to auction the entire SESCO shares starting at VND 22,300 per share.
Written by Huy Khai.
