Saturday, December 10 2016

VietNamNews

FLC Chairman becomes richest billionaire in stock market

Update: November, 16/2016 - 09:00

NỘI — FLC Group Joint Stock Company’s (FLC Group) Chairman Trịnh Văn Quyết became the wealthiest man on Việt Nam’s stock market Monday, surpassing Vingroup Chairman Phạm Nhật Vượng.

By market closing time Monday, Faros Construction Corporation (ROS) share prices settled at VNĐ116,200 per share, up VNĐ7,500, while FLC Group (FLC) share prices reached VNĐ7,010, up VNĐ10 on the HCM Stock Exchange (HOSE).

Combining nearly 279.559 million shares of ROS and 108.86 million shares of FLC, his total value reached VNĐ33.24 trillion (US$1.49 billion), up VNĐ2 trillion.

In contrast, as Vingroup Joint Stock Company (VIC) shares declined VNĐ1,100 to settle at VNĐ42,900 per share, VIC Chairman Vượng’s holdings decreased VNĐ1.15 trillion to VNĐ30.69 trillion. Quyết has officially become the second billionaire in Việt Nam, and now the richest man in the stock market - a position having been previously held by Vượng.

FLC Group and Faros Corp have emerged as dominant players in the real estate and construction sector in Việt Nam, operating major projects known for the speed of their construction. The total value of a series of real estate projects nationwide, including the VNĐ5.5 trillion FLC Sầm Sơn Beach and Golf Resort in Thanh Hóa, VNĐ7.5 trillion FLC Quy Nhơn Beach and Golf Resort in Bình Định, and FLC Vĩnh Phúc Resort (Phase I), are valued at more than $3 billion by Savills. — VNS

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