Daughter of Tan Hiep Phat founder becomes largest shareholder of Yeah1 (YEG)
Daughter of Tan Hiep Phat founder becomes largest shareholder of Yeah1 (YEG)
Tran Uyen Phuong, the elders daughter of Tan Hiep Phat's founder Tran Qui Thanh, has become the largest shareholder of Yeah 1 Group after purchasing 21.61 per cent of the shares for around VND300 billion ($13 million).
Tran Uyen Phuong spent VND300 billion ($13 million) to become the largest shareholder of Yeah1 Group
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Specifically, Phuong bought 6 million YEG stock at a price of VND50,000 ($2.17) apiece. The volume was equal to the shareholding Yeah1’s chairman Nguyen Anh Nhuong Tong and CEO Dao Phuc Tri sold to a strategic partner.
The transactions took place between February 17 and 19, in three parcels (1.63 million, 1.42 million, and 3 million shares). The shares were bought for personal investment.
After the transaction, Yeah1’s chairman Tong reduced his shareholding from 45.27 to 25.52 per cent. Meanwhile, CEO Dao Phuc Tri currently holds 4.78 per cent (8.3 per cent before).
Tran Uyen Phuong is also Deputy CEO of Tan Hiep Phat Group. In mid-2019, she contributed a total of VND19 trillion ($818.37 million) to set up several businesses in the real estate industry.
Meanwhile, 2019 has been a year of struggle for Yeah1, after YouTube announced that it would terminate all Content Hosting Services Agreements (CHSA) with Yeah1 at the end of this month. The site claimed that Thailand-based SPRINGme, which Yeah1 indirectly owns 16.93 per cent in, has violated YouTube’s terms of service regarding channel management activities and inappropriate content.
Yeah1 had to sell ScaleLab, a US-based company, back to its former owner to avoid the implications of the termination of the content storage agreement with YouTube. The scandal not only wreaked havoc on some of its businesses but also raised operation costs. As a result, Yeah1 reported an after-tax loss of VND370 billion ($16 million) in 2019.
