Singaporean fund exits as Vinasun's profit hits two-year low
In less than a year, Tael Two Partners has withdrawn capital from Vinasun eight times.
After a recent sale, Tael Two Partners Ltd, a Singapore-based fund, has initiated the registration to sell an additional one million Vinasun shares (VNS).
The Singaporean shareholder is expected to reduce their ownership stake to just over 10.18 per cent, or over 6.9 million shares, from 11.65 per cent.
In less than a year, Tael Two Partners has withdrawn capital from the taxi business, Vinasun, a total of eight times.
In a recent announcement, the foreign fund said that the sale is to adjust its investment portfolio. The transaction is scheduled to occur between August 21 and September 19 through negotiated deals and/or matched orders.
Earlier, Tael Two Partners sold 9,100 VNS shares between July 18 and August 16, out of a total of two million shares earmarked for sale.
The decision to not sell the entire batch, as planned, was due to market conditions falling short of expectations.
The fund has been consistently divesting from the taxi company since last October when the fund held 18.3 per cent of the charter capital.
However, Tael Two Partners still remains the largest foreign shareholder of Vinasun.
In the current shareholder structure, Đặng Phước Thành, former chairman of the Board of Directors, is Vinasun's largest shareholder with a 24.92 per cent ownership stake. It is followed by his wife, Ngô Thị Thuý Vân, who holds 10.56 per cent.
Taurus Consulting Co., Ltd. is the third-largest shareholder with 12.67 per cent and Tael Two Partners holds the fourth-largest position in Vinasun.
In the second quarter, Vinasun reported a revenue drop of 16.3 per cent year-on-year to VNĐ253.22 billion and a 57.8 per cent decrease in profit after tax to VNĐ16.93 billion, marking a two-year low.
The company cited reduced revenue and ongoing support for drivers as key reasons for the decline in profit.
For the first half of the year, the company’s revenue fell 15.4 per cent from last year to VNĐ531.84 billion, with profit after tax dropping by 58.2 per cent to VNĐ38.94 billion. — VNS
