Foreign investors buy 63.83% of new GTN shares
Foreign investors buy 63.83% of new GTN shares
Foreign investors have bought 63.83 per cent of the new batch of shares issued by Thong Nhat Investment and Production Joint Stock company (GTN).
The sale increased the firm's charter capital to touch VND1.5 trillion (US$66.8 million).
GTN completed the issuance of 75.2 million shares separately for strategic investors on January 27. The shares, which were bought by foreign investors, were equivalent to 32 per cent of the new charter capital.
The foreign investors included Singapore's Two TEAL Partners Ltd, which bought 30 million shares or a 20 per cent stake; Beira Limited Fund, which bought six million shares or a four per cent stake; SNET VINA, which bought six million shares or a four per cent stake; and Michael Louis Rosen, elected vice-chairman of GTN on January 18, who bought six million shares, or a four per cent stake.
Based in the capital city, Thong Nhat Production and Investment JSC was established more than 10 years ago through a merger of companies involved in bamboo manufacturing, construction infrastructure, minerals and building materials, besides plastics, agricultural products and foodstuffs.
GTN earned VND725 billion ($32.2 million) in revenue and VND25 billion ($1.11 million) in before-tax profit in Q3 of 2015. On January 27, 2016, each GTN share ended at 16,400 ($0.73) on the HCM Stock Exchange.
