FLC Faros Construction Corp's chairman plans to cut his ownership in the enterprise by 12.34 per cent to 55 per cent by October 4, 2019. — Photo flcfaros.vn

FLC Faros Construction Corporation (FLC Faros)’s chairman wants to offload his 12.34 per cent stake in the company.

Billionaire Trinh Van Quyet, also known as the chairman of the property developer FLC Group, plans to sell 70 million shares at FLC Faros.

If the deal is done, he will cut his ownership in the building contractor from 67.34 per cent of charter capital to 55 per cent.

His holding will fall from more than 382.2 million shares to more than 312.2 million shares after the deal.

The shares will be sold through put-through transactions, which is an optional contract reached between the shareholder and the buyers and shares are sold at an agreed-upon price regardless of the share price. Trading takes place between September 5 and October 4, 2019.

FLC Faros is listing nearly 473 million shares out of total 567.6 million outstanding shares on the Ho Chi Minh Stock Exchange (HoSE) as ROS.

The company’s shares dipped 3.9 per cent to end Wednesday at VND26,050 (US$1.12) per share on the news. FLC Faros shares have gained total 10.2 per cent between August 22 and August 30.

The company’s shares have wiped nearly 85.4 per cent from its peak of about VND178,330 per share reached on November 1, 2017.

Billionaire Quyet is also known as the ninth wealthiest man in the country as he owns nearly VND11 trillion ($473 million) worth of shares. — VNS