West Ocean Invest JSC to sell more than 41 million shares of GTN Food
West Ocean Invest JSC to sell more than 41 million shares of GTN Food
West Ocean Invest JSC has registered to sell 41.3 million shares at GTNFood JSC (GTN), equivalent to 16.52 per cent of total outstanding voting shares at GTN.West Ocean Invest JSC currently holds 71.3 million shares at GTN, equivalent to ownership of 28.52 per cent.
The transaction will be carried out under agreement or matching method, with execution time from November 8 to December 7.
The move aims to restructure the investment portfolio of West Ocean Invest JSC. If the transaction is successful, West Ocean Invest JSC will lower its holding in GTN to 12 per cent, equivalent to 30 million shares.
On the stock market, GTN is currently trading at about VND21,800 (US$0.93) per share, up 118 per cent compared to the beginning of the year. Temporarily calculated with this price, if successful, the transaction will bring in VND900 billion for West Ocean Invest JSC.
West Ocean Invest JSC is the second largest shareholder of GTN, after Vinamilk, which holds more than 40 per cent of GTN.
GTN’s largest individual shareholder is Nghiem Van Tung, holding 5 per cent.
Since Vinamilk announced its intention to dominate GTN through tender offers in early March, a series of GTN shareholders have divested their capital.
BBZ Investment JSC has sold 17.5 million shares, Tae Two Partner Ltd has sold 55 million shares, HSC Securities sold more than 20 million shares and Penm IV Germany GMBH & CO. KG has sold nearly 15 million shares.
GTN’s revenue grew by 8.7 per cent year-on-year in the third quarter, reaching VND833.5 billion. Post-tax profit touched VND22.3 billion, down 3.9 per cent compared to the third quarter of last year.
In the first nine months of 2019, GTN’s net revenue reached nearly VND2.27 trillion, less than in the same period last year and only 65.8 per cent of the yearly plan.
Nine-month post-tax profit reached more than VND64 billion, down by 44.5 per cent year-on-year and far short of the yearly target of VND300 billion.
