REE leader to purchase millions of stocks dropped low by COVID-19

Mar 18th at 08:39
18-03-2020 08:39:09+07:00

REE leader to purchase millions of stocks dropped low by COVID-19

Amidst the COVID-19 outbreak, the chairwoman of REE shows strong faith in the company's prospects by registering to spend nearly VND450 billion ($19.57 million) to increase her ownership rate.

REE leader to purchase millions of stocks dropped low by COVID-19
Nguyen Thi Mai Thanh, chairwoman of REE Corporation

Nguyen Thi Mai Thanh, chairwoman of REE Corporation’s (HSX: REE) management board, on March 17 registered to buy 15 million REE stocks to raise her ownership rate. The estimated trading timeline is March 18-April 14.

If the transaction succeeds, Thanh’s shareholding will rise to 12.16 per cent or 37.7 million stocks. REE stocks currently fetch VND29,900 ($1.30) per stock, thus, the deal may cost her about VND450 billion ($19.57 million).

Thanh's decision to buy is a result of the COVID-19 pandemic, which drew down the price of the REE ticker by 17 per cent compared to the beginning of this year.

In 2019, REE recorded VND4.89 trillion ($212.6 million) in net sales, down 4 per cent on-year. The after-tax profit reached VND1.638 trillion ($71.2 million), down 8 per cent on-year. REE performed about 88 per cent of its sales target but exceeded its after-tax profit target by 17 per cent.

VIR





RELATED STOCK CODE (1)

NEWS SAME CATEGORY

Tan Hiep Phat heiress holds 22 per cent YEG shares

The Tan Hiep Phat leader raised her ownership in Yeah1 (HSX: YEG) from 21.6 to slightly more than 22 per cent as soon as the two sides joined a partnership.

Sao Ta Food (FMC) plans to buy back 2 million treasury shares

Sao Ta Food, (FMC), a subsidiary of Pan Group, plans to buy back two million treasury shares through order matching and negotiation.

Tan Hiep Phat may be little aid for Yeah1 recovery (YEG)

The partnership with Tan Hiep Phat may not live up to the expectations of Yeah1 as the local beverage firm has been struggling to recover their business after the...

Nafoods (NAF) to offer stocks to foreign shareholder at half price

Nafoods Group JSC (HSX-NAF) has consulted shareholders in writing about the private issuance of 905,950 NAF shares to existing foreign shareholder Endurance Vietnam...

Textile and garment firm (STK) sets higher earnings targets for 2020

The Century Synthetic Fiber Corporation (HoSE: STK) is targeting a 9-13 per cent annual increase in total revenue and post-tax profit for 2020.

Vietnam Airlines’ (HVN) profit predicted to drop due to COVID-19 outbreak

The profit of Vietnam Airlines Corporation will be strongly affected by the spread of COVID-19 in countries around the world, according to the preliminary report of...

Vietnam Rubber Corporation moves ticker from UpCom to HSX

The Ho Chi Minh City Stock Exchange (HSX) has approved Vietnam Rubber Group to list four billion shares with the stock code GVR, with the first transaction date on...

PV Gas South (PGS)  to buy out joint-venture

PetroVietnam Gas South JSC (PGS) has decided to buy out Vietnam LPG Co Ltd (VT-Gas) for a mere VND1,000 (US$0.043).

Property firm (LDG) projects revenue to jump 3.5 times in 2020

Property developer LDG Investment JSC hopes its total revenue in 2020 will jump 3.5 times from 2019's figure to VND2.75 trillion (US$119.3 million).

Tan Hiep Phat gets million-US dollar profit after investment in YEG

The investment of Tan Hiep Phat Group founder's daughter Tran Uyen Phuong in Yeah1 (HSX: YEG) proved wise, as news of the investment produced a turnaround, raising...


MOST READ


Back To Top