Yeah1 (YEG) sells 19.3 pct stake to strategic investor
Yeah1 (YEG) sells 19.3 pct stake to strategic investor
Founders of digital multimedia firm Yeah1 have sold a combined 19.3 percent stake to Tran Uyen Phuong of beverage giant Tan Hiep Phat.
A screenshot from a YouTube video produced by Yeah1.
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Yeah1 (ticker: YEG) chairman Nguyen Anh Nhuong Tong has transferred 16.14 percent of his stake in the firm, and CEO Dao Phuc Tri transferred 3.2 percent to Phuong, who is Deputy Director of Tan Hiep Phat Beverage Group, according to recent regulatory filings with the Ho Chi Minh Stock Exchange (HoSE).
Phuong said in a statement that she paid VND300 billion ($12.95 million) for the stake, and now holds 21.61 percent in Yeah1. Over 6 million shares were transferred to the investor between February 17-19 at a price of VND50,000 ($2.16) per share, according to data from local stock trading portals.
After the transaction, Yeah1 chairman Tong’s stake in the firm was reduced to 25.2 percent, and CEO Tri’s down to 5.1 percent. Phuong now is the second biggest shareholder in YEG.
Founded in 2006, Yeah1 is Vietnam's largest digital media ecosystem, operating TV channels, movie studios, YouTube networks, and digital news. It was also the first media company to go public, listing on the HoSE in June 2018.
YEG shares had started last year at a price of VND235,000 ($10.14), one of the most expensive stocks on HoSE with a market cap of over VND7.35 trillion ($317.13 million), but fell to VND37,000 ($1.60) at the end of the year, down 84 percent.
The stock began recovering in February, and traded at VND52,700 ($2.27) at close Wednesday, February 26, 2020.
