Ha Noi-based Viet Nam Investment Group Joint Stock Company is set to become the largest shareholder of property developer Vingroup, after acquiring more shares of this company.

The HCM City Stock Exchange said in an online notice yesterday that the investment firm planned to buy about 572 million shares of Vingroup between December 27 and January 25, via the Viet Nam Securities Depository.

After the transaction is complete, the firm will own more than 880 million shares of Vingroup, increasing its stake in Vingroup from 11.68 per cent to 33.37 per cent.

Vingroup Chairman Pham Nhat Vuong, who owns 27.45 per cent of Vingroup’s equity, will no longer be the largest shareholder of the property company.

Vuong also holds a 10 per cent stake in the Viet Nam Investment Group.

Shares of Vingroup closed little changed at VND42,100 per share on the HCM City bourse yesterday. With this price, Viet Nam Investment Group’s assets in Vingroup are currently worth around VND37 trillion, or US$1.6 billion.

Vingroup also deals in tourism, entertainment, healthcare, education and retail. Its popular brand names are Vinhomes, Vincom, Vinpearl, Vinmec and Vinschool. — VNS