CDH Bee cashes in with MWG share sale
CDH Bee cashes in with MWG share sale
As many as 3.2 million shares of the Mobile World Investment Corporation (MWG), worth VND351.9 billion (US$16.75 million), were sold on Monday.
These shares were reportedly owned by the CDH Bee Electric Limited Company. The firm, which is MWG's largest shareholder, had registered to sell the same amount of shares five days earlier.
According to local business news website Cafef.vn, the shares were transferred to a foreign investor.
Cafef.vn added that on November 10, 3.2 million shares were traded at a ceiling price of VND110,000 ($5.2) each, eight per cent higher than the share price that closed in the market on the same day.
Prior to the trading, CDH Bee Electric, which is based in the British Virgin Islands and is managed by Singapore's CDH Investment Advisory, owned 16.9 million of MWG shares.
After the sale, CDH Electric Bee still holds 13.7 million shares, equivalent to 12.84 per cent of the charter capital of MWG.
Mekong Enterprise Fund II is another large foreign investor which owns 14.32 per cent of MWG shares.
The MWG Corporation reported an after-tax profit of VND488 billion ($23 million) and consolidated revenue of more than VND10.9 trillion ($519 million) in the first nine months of 2014.
Initially, MWG was listed on the HCM City Stock Exchange at VND68,000 (US$3.2) per share on July 14, 2014. Yesterday, each share was priced at VND101,000 ($4.8).
bizhub
