HA NOI (VNS) — Red River Holding, an investment fund in Viet Nam launched by Artemis of French billionaire Francois-Henri Pinault, completed four large capital withdrawals in only six months this year, earning more than VND1 trillion (US$47.4 million).
On Monday, the fund sold 6 million shares out of its total 7 million shares held in taxi operator Vinasun (VNS), the biggest taxi company in HCM City. The deal value reached VND263 billion ($12.5 million), equivalent to VND43,833 per share, lower than its market price of VND45,000 a share on the HCM City Stock Exchange.
After the deal, its stake reduced from 10.6 per cent to just 1.78 per cent.
Earlier, the fund sold all of its 3 million shares in Tien Phong Plastic Company (NTP) in January and in June, transferring nearly 10 million shares of Vicostone Company (VCS), an engineered stones manufacturer, to four domestic investors.
The shrinking presence of Red River Holding in Viet Nam after a long period of investment has raised concerns following additional information that the fund is also offloading stakes in steelmaker Hoa Phat Group (HPG), one of its largest investments.
According to cafef.vn, the fund sold more than 9 million HPG shares in the last three months worth an estimated VND450-500 billion ($21.3-23.7 million). The total capital raised from these four share sales reached approximately VND1 trillion.
Despite this, the value of the fund's portfolio remains significant at around VND4 trillion ($189.6 million), with a focus on big listed companies including FPT Corporation (FPT), Hoa Sen Group (HSG), Hoa Phat Group (HPG), Minh Phu Seafood Corporation (MPC) and Vinh Hoan Corporation (VHC). — VNS