Finnish fund pours capital into Digiworld (DGW)
Finland-based Evli Emerging Frontier Fund announced Tuesday it purchased more than 103,850 shares in technology equipment distributor Digital World (DGW).
After the purchase, the fund has become a major shareholder of DGW, holding 2.2 million shares of the company, equivalent to the holding ratio of 5.14 per cent.
The fund is owned by Evli Fund Management Company, a Nordic fund management company founded in 1985. This fund management company is 100 per cent owned by Evli Bank, a Finnish bank which manages assets of 12.2 billion euros.
Evli Emerging Frontier was introduced in October 2013, focusing on investing in fast growing economies. As of the end of August, the fund's portfolio size reached more than 61 million euros.
Viet Nam is the third largest market in its portfolio with 18 per cent of proportion.
Digiworld six-month revenue reached VND4.9 trillion and after-tax profit totalled VND93 billion, up 45 per cent and 55 per cent respectively over the same period last year. Earnings per share reached VND2,166.
In May this year, Digiworld became one of the four official distributors of Apple products in Viet Nam, besides Synnex FPT, Petrosetco and Viettel. Main product categories include iPhone, MacBook, iPad, Apple Watch, Beats, Apple TV and other accessories.
DGW shares ended Tuesday at VND53,800 per share, three times higher than that in April. Temporarily calculating at this price, the number of DGW shares that Evli Emerging Frontier is holding is worth VND117 billion.