Standard Chartered PE sells 8.2% stake in Loc Troi Group (LTG), ending five-year investment

Jul 2nd at 08:33
02-07-2019 08:33:33+07:00

Standard Chartered PE sells 8.2% stake in Loc Troi Group (LTG), ending five-year investment

Standard Chartered Private Equity (Singapore) Pte Ltd (SCPE) sold its entire holding of nearly 6.6 million shares, or an 8.18 per cent stake, in Loc Troi Group, ending its five-year investment in the Vietnamese agricultural company.

Loc Troi Group’s shares (LTG) are trading around VND23,000 (nearly $1) per share on the Unlisted Public Company Market (UPCoM). The foreign fund is expected to earn about VND153 billion (US$6.6 million) from the divestment.

SCPE started investing in Loc Troi Group at the end of 2014, spending $90 million to purchase 21.5 million LTG shares, equivalent to more than 34 per cent of the firm’s capital. It sold nearly 17 million LTG shares, or 25.2 per cent, to Marina Viet Pte Ltd in 2016.

Contrasting with SCPE, Augusta Viet Pte Ltd bought nearly 4.6 million LTG shares, owning 5.71 per cent of the company. The deal was completed last week.

Four investors hold more than 61 per cent of Loc Troi Group’s capital, including Marina Viet (25.2 per cent), An Giang Provincial People's Committee (24.15 per cent), Kingsmead Vietnam and Indochina Growth Master Fund (6.02 per cent) and Augusta Viet.

The group has planned a 26 per cent increase in net profit this year to VND521 billion ($22.4 million). Earnings per share is expected at VND5,484.

It also decided to delay the shifting of shares to the Ho Chi Minh Stock Exchange to next year due to unfavourable business developments this year.

bizhub



RELATED STOCK CODE (1)

NEWS SAME CATEGORY

SHS – the bridge for cross-border securities deals

As a leading securities brokerage in Vietnam, Saigon-Hanoi Securities JSC (SHS) has big abilities in investment banking and securities brokerage, with a wide range...

Board membership stirs GTNFoods' (GTN) annual shareholder meeting

GTNFoods JSC on Saturday dismissed two members from the board of directors, causing disturbance among shareholders at the firm’s annual meeting.

Novaland (NVL) among 50 best-performing firms in Vietnam

On June 27, Thien Viet Securities JSC and Nhip Cau Dau Tu magazine honored Novaland Group as one of the 50 best-performing listed enterprises in Vietnam in 2018...

Vinalines (MVN) moves shareholders’ meeting to end of July

The Vietnam National Shipping Lines (Vinalines) will delay its annual shareholders’ meeting until July 29, one month later than expected.

Viglacera (VGC) says earnings better than expected this year

Increasing demand for green, environmentally-friendly materials and devices may help Viglacera earn higher-than-expected pre-tax profits this year.

Furniture firm (TTF) targets smaller loss in 2019

Truong Thanh Furniture Corporation (Truong Thanh) expects its losses to reach VND588 billion (US$25.3 million) in 2019, heard the firm’s annual shareholder meeting...

Mobile World (MWG) pockets huge income from selling watches

The strategy of “selling goods that they never sold before” partly helped technology retailer Mobile World to overcome the saturation of the smartphone market.

Airports Corporation of Viet Nam (ACV) aims for 9 per cent higher profit

The Airports Corporation of Viet Nam (ACV) has targeted earning VND19.1 trillion (US$820 million) in revenue and VND8.2 trillion ($355 million) in pre-tax profit in...

HAGL Agrico (HNG) sold its subsidiary to Thadi

The Board of Directors (BoD) of Hoang Anh Gia Lai Agricultural JSC (HAGL Agrico, HNG on HSX) announced Resolution No.1706/19/NQ-HDQT HAGL Agrico about transferring...

FPT posts five-month gains

Revenue in the first five months reached VND9.96 trillion (US$428.3 million) and pre-tax profit hit VND1.72 trillion, FPT said in a filing sent to the Ho Chi Minh...


MOST READ


Back To Top