Dragon Capital no longer major shareholder of Vietnam’s steelmaker Hoa Phat
The move came shortly after Hoa Phat announced its business plan for 2019, in which the group’s after-tax profit target was revised down by 22% year-on-year to VND6.7 trillion (US$288.74 million).
A group of investment funds managed by Dragon Capital have offloaded 500,000 shares of Vietnam’s major steelmaker Hoa Phat Group, effectively ending its status as a major shareholder of the Vietnamese group, according to the Ho Chi Minh City Stock Exchange (HoSE).
Illustrative photo.
|
The move came shortly after Hoa Phat announced its business plan for 2019, in which the group targets revenue of VND70 trillion (US$3.01 billion), up 25% year-on-year and after-tax profit of VND6.7 trillion (US$288.74 million), down 22% year-on-year.
A more cautious approach in Hoa Phat business plan was partly due to a potential decrease in steel price in 2019 and China’s removal of export tariff on steel billet, starting January 2019, to facilitate exports.
Nevertheless, a decline in the profit target has caused negative responses from investors in the stock market. Shares of Hoa Phat have decreased by VND1,700 (US$0.07) to VND31,500 (US$1.36) per share.
In 2018, Hoa Phat set revenue target of VND55 trillion (US$2.36 billion) and after-tax profit VND8.05 trillion (US$346.86 million), which was reached within 11 months.
14:43, 2024/11/18
Aircraft manufacturer Embraer seeks comprehensive aviation partnership with Vietnam
The Vietnamese leader urges the aircraft manufacturer to collaborate on technology transfer, airport construction and operation, research, and investment in Vietnam.
21:55, 2024/10/22
Better links with FDI firms to support Hanoi businesses
Hanoi will continue to focus on quality projects, especially with partners such as Japan, the United States, and Europe to boost technology transfer.
15:24, 2024/09/24
Vietnam calls for more US investment in innovation, hi-tech
The Vietnamese leader called on relevant agencies to resolve any challenges faced by investors and enhance the investment climate to encourage greater US investment in Vietnam.
14:13, 2024/09/23
Vietnamese leader urges Boeing to build production facility in Vietnam
Boeing is committed to continuing to support the development of Vietnam's aviation ecosystem, focusing on aviation infrastructure, human resources training, airport construction, and aircraft maintenance facilities.
14:38, 2024/09/17
Foreign capital pouring into Vietnam's real estate market
Experts are optimistic that the 2024 Land Law, once enacted, will help resolve legal bottlenecks and attract more FDI.