Mekong Capital to lower stake in Mobile World

Tuesday, Oct 10, 2017 15:40

Employees sit at a Mobile World retail store in Quy Nhon City, Binh Dinh Province. — Photo

Viet Nam-focused private equity firm Mekong Capital has offered three million shares of digital retailer Mobile World Investment Corp (HOSE: MWG) for sale.

The shares will be sold between October 12 and November 10 via put-through transactions on the stock market or the Vietnam Securities Depository.

The deal will help Mekong Capital reduce its ownership in MWG to 1.63 per cent from the current 2.6 per cent.

Mekong Capital on October 5 registered to sell one million shares of Mobile World between October 5 and November 3, however, it failed to complete the deal.

In September, Mekong Capital via its investment fund Mekong Enterprise Fund II successfully offloaded three million shares of Mobile World to complete a partial sale worth US$18 million, reducing its stake in Mobile World from 3.58 per cent to 2.6 per cent.

Shares of Mobile World on the HCM Stock Exchange closed on Monday at VND119,000 ($5.3) per share. The company’s shares have gained 9 per cent in the last one month and nearly 54 per cent since the beginning of the year.

In the first eight months of 2017, Mobile World reported VND42.28 trillion ($1.88 billion) in revenue, a yearly increase of 56 per cent, and VND1.45 trillion in post-tax profit, a year-on-year increase of 30 per cent.

The company after eight months completed 67 per cent and 66 per cent of its targeted revenue and post-tax profit for 2017, respectively. — VNS

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