Nick Vujicic – HSG’s unexpected ‘God of Wealth’?
Nick Vujicic – HSG’s unexpected ‘God of Wealth’?
The fact that the market capitalization of Hoa Sen (Lotus) Joint Stock Corp rose by around VND400 billion ($19.2 million) during Nick Vujicic’s visit to Vietnam, which was sponsored by the company, may be considered a surprising coincidence.
Interestingly, in the last four trading sessions, coincided with the visit, the price of the company’s stock, coded HSG on the Ho Chi Minh Stock Exchange (HoSE), continued to rise, from VND45,000 to VND49,000 VND per share.
Meanwhile, Le Phuoc Vu, chairman of the board of directors of the company, saw the values of his stock surge by VND180 billion ($8.64 million) to over VND2.12 trillion ($100 million) within four days.
Vu owns 43 million shares, or about 43 percent stake, in HSG.
Nick Vujicic arrived in Vietnam on Wednesday last week, and over the next two days HSG shares rose 9.3 percent in value.
The company reportedly sponsored some VND35 billion to cover almost all the costs of Nick Vujicic and his delegation in the 4-day visit to Vietnam, and it has turned out that the direct and indirect benefits to Hoa Sen and the chairman seem much bigger than the money it has spent.
Hoa Sen now accounts for the largest market share in galvanized steel tiles in Vietnam, with over 40% market share in 2012.
The firm is also one of the few steel companies with impressive business results. After setting a VND400 billion profit target for all of 2013, it has already earned VND450 billion so far this year.
Given the fact that the price of HSG shares have continuously increased in the last six months, Le Phuoc Vu has become one of the top six richest people on the local stock market.
Similarly, institutional shareholders Red River Holding, holding a nearly 16% stake HSG, also recorded a VND64 billion ($3 million) rise in its total assets.
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