MoC to sell entire holding in DIC Group

Thursday, Nov 16, 2017 09:03

Dai Phuoc Lotus project invested by DIC Group. The Ministry of Construction has decided to offload the entirety of its 49.65 per cent stake in the company. — Photo

The Ministry of Construction has decided to offload its entire holding of 118.26 million shares, equivalent to 49.65 per cent, in Development Investment Construction Group.

The sale is expected to take place from November 17 to December 16 through order matching or put-through (negotiation) methods on the HCM Stock Exchange.

The ministry has yet to announce the selling price. However, at the trading value of over VND16,000 (US$0.70) per share on the HCM Stock Exchange, the sale is likely to be valued at some VND2 trillion ($88 million).

DIC Group’s performance was modest in comparison with its total capital of VND2.38 trillion. Ending September, the group earned profit of less than VND39 billion, far behind the yearly target of VND128 billion this year.

Shares of DIC Group are trading on the HCM Stock Exchange under code DIG. Its share price has increased 123 per cent from the start of this year. – VNS

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