Pyn Elite Fund and Dragon Capital sells off Mobile World shares (MWG)

Apr 15th at 08:52

15-04-2020 08:52:11+07:00

Finland-based Pyn Elite Fund sold 1.36 million shares of Mobile World (MWG) to a group of nine other foreign investment funds last week, the Viet Nam Securities Depository announced Monday.

Also last week, the group of investment funds run by Dragon Capital transferred more than 250,000 MWG shares to two foreign funds, Polen Capital Managemeny LLC and Cavendish Asset Management Limited.

MWG, one of the biggest mobile phone and accessory retailers in Viet Nam, has occupied a large proportion in the investment portfolios of Pyn Elite Fund and Dragon Capital for many years.

At the end of 2019 and early 2020, the two funds also transferred a large number of MWG shares to other foreign investors such as Arisaig Asia Consumer Fund Limited, which bought about 11 million MWG shares.

Recently, the impact of the COVID-19 pandemic has significantly affected MWG shares. From early this year till the end of March, MWG plunged by 50 per cent from VND117,000 (US$5.02) per share to VND58,900 per share. However, in recent sessions, MWG has recovered to more than VND70,000 per share.

In the first two months this year, MWG recorded consolidated net revenue of VND20.5 trillion, up by 18 per cent and post-tax profit of VND845 billion, up by 16 per cent year-on-year.

While many companies suffered from damage due to the pandemic, mostly in March, MWG still reported revenue of VND8.5 trillion, higher than last year’s figure of VND7.62 trillion.

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