UK fund fails to make exit from Gemadept

Tuesday, Sep 24, 2019 16:38

Gate-shaped cranes at Gemalink Deep-water Seaport in Ba Ria-Vung Tau Province's Thi Vai-Cai Mep port cluster. — Photo

The UK-based Vietnam Investments (VI) Fund II LP has cut its holding in logistics firm Gemadept (HoSE: GMD) to 15.24 per cent from 19.55 per cent.

The UK fund sold only 12.8 million of the 58 million Gemadept shares it had on sale between August 23 and September 20.

Gemapdet said in a statement yesterday the share sale had failed because the price had not matched the fund’s expectations.

VI Fund II remains a major shareholder in Gemadept, holding more than 45.2 million shares, equal to 15.24 per cent.

The foreign fund had previously transferred 29.7 million Gemadept shares to SSJ Consulting Vietnam Co Ltd from July 8 to August 2.

The London-based CDC Group, manager of VI Fund II, also saw its VI Fund I sell 2.45 million shares in Gemadept.

Gemadept shares on Tuesday were up 0.9 per cent to close at VND27,650 (US$1.19).

In the first six months of the year, Gemadept posted VND1.3 trillion ($56 million) in total revenue. The figure was almost unchanged from last year.

Its post-tax profit was down 78 per cent yearly to VND348 billion. — VNS

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