HN People’s Committee to sell furniture maker stake
HN People’s Committee to sell furniture maker stake
Ha Noi People’s Committee has registered to offload its entire stake of over eight million shares in furniture maker Xuan Hoa Viet Nam Joint Stock Company on December 20-30.
The amount of shares is equivalent to a 40 per cent stake in the furniture company’s charter capital.
Xuan Hoa’s shares are currently trading up over 11 per cent at VND10,000 a share on the Unlisted Public Company Market (UPCoM). More than eight million shares changed hands this morning, equaling the amount the city’s People Committee registered to sell.
At this price, the Ha Noi People’s Committee will likely collect nearly VND80.6 billion from the sale.
Founded in 1980, the Phuc Yen-based company is one of the largest furniture makers in Viet Nam. The firm engages in designing and manufacturing office, home, school and hospital furniture.
The company made its initial public offering in June 2015 and started trading on the UPCoM on November 3, 2016.
Last week, the company reported VND368.5 billion in revenue from the sale of furniture this year. Its net profit reached VND10 billion, a 10-fold increase over last year’s figure.
