Sunday, December 4 2016

VietNamNews

Finland fund raises DLG stake

Update: January, 16/2016 - 09:12
Photo taken of wind power turbines on Con Dao Island, built by Duc Long Gia Lai Group. The Finish PYN Elite Fund has raised ownership in Duc Long Gia Lai Group to 17.2 per cent. — Photo Duc Long Gia Lai Group JSC

HA NOI (VNS) — Finland's PYN Elite Fund (Non-Ucits) this week bought more than 3.66 million shares of Duc Long Gia Lai Group JSC (DLG), increasing its holding to over 17.2 shares, a 10.18 per cent stake.

The HCM Stock Exchange (HOSE) released the information on Thursday, adding that after the transaction, PYN Elite has become the third-largest shareholder of DLG, which specialises in construction and real estate development in the central region of Viet Nam. The largest shareholder of the company is its Chairman Bui Phap and the second-largest shareholder is AnsenHoldco Limited.

Established in 2007 in the Central Highland Gia Lai Province, DLG works in the construction and interior production sectors. The company earned VND533.9 billion (US$23.67 million) in revenue and VND13.1 billion ($580,931) in before-tax profit in Q3, 2015.

DLG shares ended the day at VND5,400 ($0.25) each on HOSE.

On the same day, the fund increased its shares in Hoang Huy Investment Services Joint Stock Company (HHS) from 11.23 million to 26.71 million shares, equal to a 11.46 per cent stake, becoming the second-largest shareholder in Hoang Huy after Chairman Do Huu Ha.

HHS is the largest listed auto company, with market capitalisation of more than VND2.58 trillion (US$115.21 million). Yesterday, each HHS share ended on the local market at VND11,000 ($0.5).

The Hai Phong-based HHS also has three associate companies working in the construction and real estate sectors. In the first nine months of 2015, HHS achieved total sales worth VND2.8 trillion ($125 million), while its net profit touched almost VND417 billion ($18.6 million), a rise of 228 per cent and 521 per cent, respectively, over the same period last year.

According to Bloomberg.com, Elite is an open-end fund incorporated in Finland. The fund's objective is significant value increases through active portfolio management, with focus on select companies and markets.

Seeking a higher return than equity funds with diversified global portfolios, the fund invests currently in Southeast Asia, with the main focus being Chinese and Vietnamese equity securities. — VNS

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