On April 12th, Dragon Capital’s group of funds sold a total of 2.5 million HSG shares, reducing their ownership from 11.1% to 10.7% of the charter capital at Hoa Sen Group Joint Stock Company (Hoa Sen Group). Notably, Wareham Group Limited and Hanoi Investments Holdings Limited each sold 1 million shares, while Vietnam Enterprise Investments Limited sold 500,000 shares of HSG.
It is worth noting that on March 15th, Vietnam Enterprise Investments Limited, a member of Dragon Capital, had sold 2 million HSG shares.
In addition to foreign investors, several executives of Hoa Sen Group have also recently recorded transactions selling shares. Specifically, from March 7th to April 2nd, Mr. Tran Ngoc Chu, Permanent Vice Chairman and Executive Vice Chairman of the Board of Directors, sold 1.5 million HSG shares, reducing his ownership from 1,781,147 shares (0.29% of charter capital) to 281,147 shares (0.046% of charter capital).
On April 17th, Mr. Bui Thanh Tam, Head of Administration, sold 390,900 HSG shares, reducing his ownership from 390,964 shares (0.06% of charter capital) to 64 shares (0% of charter capital).
It is noteworthy that from March 27th, 2024 to April 19th, 2024, HSG shares reversed course, decreasing by 18.9%, from a price range of VND 24,000 to VND 19,550 per share. HSG shares have been heavily sold in the past four consecutive sessions.
Hoa Sen Group recently replaced its General Director and appointed a number of executives. Specifically, on April 12th, Hoa Sen dismissed Mr. Tran Quoc Tri from his position as General Director and legal representative, and he will no longer be in charge of the Hoa Sen Group branch – Hoa Sen Phú Mỹ Steel Factory.
Following his dismissal, Mr. Tran Quoc Tri will only hold the position of non-executive member of the Board of Directors from April 12th, 2024.
Conversely, HSG has elected Mr. Vu Van Thanh to the position of General Director and legal representative, effective from April 12th.
Furthermore, Hoa Sen Group has appointed Mr. Nguyen Ngoc Huy as Deputy General Director from May 1st (previously Deputy General Director in charge of export); appointed Mr. Nguyen Le Manh Tung as acting Deputy General Director in charge of export from May 1st (previously Deputy Director of Export); appointed Mr. Nguyen Tan Hoa as Deputy General Director in charge of industrial projects from May 1st (previously Executive Director of Supply, Purchasing & Industrial Projects and Director of Information Technology & ERP); appointed Mr. Tran Dinh Tai as acting Deputy General Director in charge of marketing and communications from May 1st (previously Executive Director of Marketing and Communications); appointed Mr. Pham Dinh as acting Deputy General Director in charge of supply from May 1st (previously Deputy General Director of Hoa Sen Home system).
HSG has also announced the payment of a cash dividend of 5% for the financial year (FY) 2022-2023, equivalent to VND 500 per share. The ex-dividend date is April 24th, and the payment is scheduled for May 10th.
With nearly 616 million shares outstanding, it is estimated that HSG will need to spend close to VND 308 billion for this dividend payment. The source of funds will be the undistributed profit after tax accumulated up to September 30th, 2023, according to the audited consolidated financial statements of FY 2022-2023.
This dividend plan was approved at the 2023-2024 Annual General Meeting of Shareholders on March 18th. This is the first time HSG has returned to paying cash dividends in six years, as in recent years, HSG has always paid dividends in the form of shares.
