Thang Long Group sold 11 million shares to Tasco, making the company to be its largest investor. — Photo thanglonggroup.com.vn

HA NOI (Biz Hub) — Thang Long Group Joint Stock Company (Thang Long Group) yesterday announced Tasco Joint Stock Company (Tasco) would become the company's largest investor.

Tasco would then benefit from construction projects that Thang Long Group participated in as the major contractor.

Tasco purchased 11 millon out of 20 million shares that Thang Long Group offered to investors under private placement from April 8 to May 14, raising its stakes in Thang Long Group to 35.4 per cent.

Thang Long Group sold more than 11.9 million shares at a price of VND12,075 per share and received net revenue of VND143.7 billion ($6.65 million).

Pham Quang Dung, the president of both companies' boards of directors, and his relatives also increased their stake to 24 per cent of Thang Long Group JSC's charter capital. — VNS