VinaCapital sells 420,000 shares of FPT Retail
Funds under VinaCapital have offloaded 420,000 FPT Retail shares in a trading session on May 2, resulting in a 100% profit after more than 6 months of holding, announced the asset management firm.
The move resulted in decreasing shareholdings at FPT Retail from 3.6 million shares or 9.18% to 3.2 million shares or 8.13%.
VinaCapital sells 420,000 shares of FPT Retail.
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By the end of 2017, Vietnam Opportunity Fund (VOF), VinaCapital's flagship fund had invested VND250 billion (US$11 million) in FPT Retail. At a current price of VND168,000 (US$7.37) per share, total shares value of FPT Retail under VinaCapital's holding is estimated at VND500 billion (US$22 million).
After completing transaction, VinaCapital remains the third largest shareholders of FPT Retail, behind FPT with 47% and Dragon Capital of 20%.
Last month, FPT Retail has put 40 million shares on offer in its initial public offering (IPO) on April 26 with reference price of VND125,000 (US$5.48) apiece, said Ho Chi Minh Stock Exchange (HoSE) in an announcement.
In the first quarter, FRT's revenue reached VND3.8 trillion (US$166.6 million), up 17% year on year and completing 24% of the year plan. Consequently, the company's after-tax profit is estimated at VND64 billion (US$2.8 million), up 33% year on year and completing 17% of the year plan.
In 2017, FPT Retail's revenue reached VND13.1 trillion (US$573.7 million), up 21.1% compared to 2016, with its after-tax profit of VND290 billion (US$12.7 million), increasing 39.7% compared to the same period of last year.
Substantially, 30% of FPT Retail's revenue in 2017 was thanks to products sponsored by consumer credit companies, such as F. Friends - a financial package for customers being employees of enterprises in cooperation with FPT Retail. At present, F. Friends have a total of 2 million users.
In 2018, FPT Retail will increase its charter capital from VND200 billion (US$8.7 million) to VND400 billion (US$17.5 million).
FPT Retail owns two retail chains: FPT Shop (selling mobile phones, laptops and accessories of many brands) and F.Studio (providing genuine Apple products and accessories).
FPT Retail accounts for 18% of the mobile phone retail market in Vietnam, second only to Mobile World (which accounts for 45%). In 2017, FPT's revenue was VND13 trillion (US$527 million), up 21% compared to 2016. Retained earnings as at December 31, 2017 was VND396 billion (US$15 million).
By the end of 2017, FPT Retail had total assets of VND3.8 trillion (US$155 million), down 18% compared to the beginning of the year. In particular, short-term assets were VND3.5 trillion (US$140 million), accounting for 91% of the total assets, mainly reflecting inventories of VND1.7 trillion (US$68 million) and cash & deposits of VND850 billion (US$34 million). Long-term assets of the company were VND360 billion (US$14 million), accounting for only 9% of the total assets.
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Vietnam news in brief - August 24
Read The Hanoi Times to stay up to date on developments in Vietnam.
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- Vietnam Railway proposes US$87 million for Hanoi–Dong Dang railway upgrade
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