CityLand CEO becomes fourth largest Vinatex shareholder
CityLand CEO becomes fourth largest Vinatex shareholder
Bui Manh Hung, CEO of CityLand Limited Company, has become the fourth largest shareholder of the Vietnam National Textile and Garment Group (Vinatex).
The group announced on September 1 that Hung was holding 30 million Vinatex shares, or a six per cent of stake in the group.
The Hanoi-based Vinatex is the country's largest textile company, which accounts for 18 per cent of Viet Nam's textile production.
Currently, the Ministry of Industry and Trade, representing the state, holds 53.49 per cent, the Viet Nam Investment Development Group holds 14 per cent and local property developer Vingroup holds 10 per cent.
In 2014, Vinatex sold 24 per cent of its stake to the public during its IPO auction. The Vietnam Investment Development Group and Vingroup were picked as the state textile major's strategic investors.
Some local media reported that it was likely that Hung bought the shares in the company's IPO last year when the average price of the share was VND11,000 ($0.45) each.
For the first half of 2015, Vinatex reached a net revenue of VND7.212 trillion ($320.3 million), an increase of 34 per cent over the same term last year. The profit after tax reached VND229 billion ($10.1 million), 20 per cent higher than the same term last year.
The CityLand Ltd Company has a charter capital of over VND350 billion ($15.54 million). It owns real estate projects in HCM City and in Ha Noi.
These include CityLand Park Hills, CityLand Centre Hills in Go Vap District, and Binh Trung Dong Residential Centre in District No2 in HCM City, in addition to CityLand Luxury Land and CityLand Son Dong in Ha Noi.
