VGS management board seek higher stakes

Wednesday, Mar 13, 2019 09:25

A number of management board members at Viet Nam-Germany Steel Pipe JSC (VGS) have offered to buy back 11 million shares to raise their ownership. — Photo

Members of the Viet Nam-Germany Steel Pipe JSC (VGS) management board plan to buy 14 million shares between March 13 and 29 via the stock market.

Le Minh Hai, chairman of the company, has registered to purchase six million shares and his relatives – wife and daughter – want to buy five million VGS shares.

Hai holds more than 3.2 million VGS shares (7.6 per cent of the total). The two others have 2.6 million shares and more than 970,000 shares, respectively.

The deal is expected to help Hai and his relatives increase their stakes in the company to 21.8 per cent, 13.4 per cent and 7.04 per cent, respectively.

In addition, the company’s general director Nguyen Huu The has also offered to buy one million VGS shares to raise its ownership to 1.29 million shares (3.1 per cent) from 293,440 shares (0.7 per cent).

Deputy general director Nguyen Thi Nhi wants to increase her stake by 4.75 per cent to 5.6 per cent, equal to 2.4 million shares, by purchasing two million shares.

VGS is listing nearly 37.6 million shares on the Ha Noi Stock Exchange with code VGS.

The company shares have gained significantly by nearly 55 per cent from January 11, 2019. Its shares ended up 1.6 per cent to close Tuesday at VND12,700 (US$0.54) per share. — VNS

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