Former wife of Hoa Sen boss wants to sell entire HSG holding
Former wife of Hoa Sen boss wants to sell entire HSG holding
As soon as the performance of Hoa Sen Group (HSX: HSG) turned better, its chairman’s former wife has decided to sell her entire shareholding in the local steel giant.
Hoa Sen has swung back from its weak performance last year
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Hoang Xuan Huong, the former wife of Hoa Sen Group’s chairman Le Phuoc Vu, has just registered to sell her entire 7.15 million HSG stocks, equalling 1.54 per cent of the company’s charter capital. The transaction will take place under the form of private placement and auction. The trading timeline is from May 22 to June 20.
Ending the session on May 20, its stock was at VND9,530 (41.43 US cents), down 1.75 per cent against the previous session. Based on this price, Huong may get nearly VND70 billion ($3 million) from the deal.
Huong purchased the 7.15 million stocks in late 2018. In the same year, Tam Thien Tam One Member Limited Company (also operated by her) divested all 24.2 million HSG stocks. At the time, her company was a large shareholder of Hoa Sen Group.
HSG stock rose from the bottom of VND4,330 (18.8 US cents) in late March this year to nearly VND10,000 (43.48 US cents) per share, the highest price from October 2018.
Its stock was buoyed by many positive signs stemming from the steel company reaching about VND90 billion ($3.91 million) of after-tax profit in April. Accordingly, its accumulated losses during the first seven months of the fiscal year (starting in October) hit VND472 billion ($20.5 million), exceeding the target of VND400 billion ($17.4 million) for the 2020 fiscal year.
