Two companies have acquired 60 million shares of the Ha Noi Trade Corporation (Hapro) on the Unlisted Public Company Market (UPCoM), announced the Ha Noi Stock Exchange.

They are Thanh Cong Co. Ltd and An Phu Import Export Investment and Trading Co. Ltd.

The acquisition is equivalent to more than 33 per cent of Hapro’s capital.

The move has enabled the two companies to become major shareholders of Hapro.

On May 18, An Phu bought nearly 32 million shares, holding 17.7 per cent of Hapro’s capital after the purchase.

On May 23 and 28, Thanh Cong Co. Ltd purchased 27.6 million shares, equivalent to 15.31 per cent of the corporation’s capital.

Before the transaction, the two companies did not own any shares of Hapro.

Hapro floated nearly 76 million shares, or 34.51 per cent of its charter capital, in its initial public offering (IPO) on March 30. The IPO saw 100 per cent of the shares being sold out, earning the State more than VND980 billion (US$43 million).

The company had put up these shares for trade on UPCoM on May 4 with the code HTM. Its shares are being traded at some VND9,000 ($0.40) per share, down by 30 per cent from the reference price of VND12,900 per share for the first trading day.

Hapro has more than 40 member companies, with a presence in over 70 countries. Many investors have shown interest in the company as it owns many commercial premises in prime locations in major cities and provinces.

In 2017, the company’s revenue declined by 17 per cent year-on-year to VND1.93 trillion while its profit was also modest at just VND11 billion, equivalent to one-sixth of 2016’s figure. – VNS