In a short time, foreign funds have sold millions of shares of Mobile World Corporation (MWG), one of the biggest mobile phone and accessory retailers in Viet Nam, with an estimated transfer value of up to hundreds of billions of Vietnamese dong.

According to Viet Nam Securities Depository Center (VSD), last week, a Thai fund named Ton Poh Fund, run by Bangkok-based Ton Poh Capital, completed the transfer of more than one million MWG shares.

The transferees included the Florida Retirement System, receiving 129,000 shares, the Oaks Emerging Umbrella Fund Public Limited Company buying 313,260 shares, the Hanoi Investments Holdings Limited getting 217,740 shares and the Lumen Vietnam Fund receiving 350,000 shares.

With a market price of approximately VND129,000 per share, it is estimated that the commercial value of these sale deals would be around VND130 billion.

Remarkably, less than a month ago, it was The Ton Poh Fund that transferred 1.5 million MWG shares to the Hanoi Investments Holdings Limited, on September 11, with a transfer value estimated at some VND200 billion. Thus, Hanoi Investments currently holds a total of more than 1.7 million MWG shares.

The transfers of the Ton Poh Fund took place in the context that MWG stocks have recently been gaining momentum. In the last three months, the market price of MWG has increased by nearly 30 per cent.

Established in Bangkok 10 years ago, the Ton Poh Fund has invested in companies that show the potential to achieve high and sustainable long-term returns. Its investment portfolio mainly focuses on listed companies in Thailand and some other countries, such as Viet Nam, Laos and Cambodia.

In late August, Ton Poh Fund bought 4.4 million shares of the information-telecommunication-technology group FPT Corporation (FPT) from Vietnam Equity Holding.

Mobile World Corporation runs three major brands, which are The Gioi Di Dong, Dien May Xanh and Bach Hoa Xanh.

In the first eight months of this year, Mobile World recorded total VND58.7 trillion in consolidated revenue, up 39 per cent year on year, of which online revenue accounted for VND7.5 trillion, up 118 per cent. Net profit also increased 36 per cent to touch over VND1.9 trillion. — VNS