VNDirect buys three million shares of Dong Nai Port (PDN)
VNDirect Securities Corporation (VNDS) has announced it bought three million shares of Dong Nai Port JSC (PDN).
After the purchase, VNDS’s holdings in PDN reached 16.1 per cent.
The transaction was executed on May 13, the same day that the Vietnam Electrical Equipment Joint Stock Corporation (Gelex or GEX) sold three million shares of PDN, reducing its ownership in PDN to 765,000 shares, equivalent to 4.13 per cent.
It is likely that this was the transaction between the two organisations with a value of VND200 billion (US$8.6 million), meaning that the price of each share was VND67,000.
Dong Nai Port JSC is currently the owner of the seaport in the southern province of Dong Nai.
The company was established in 1989 and equitised in 2006, with the current chartered capital of VND185 billion.
Shareholders of Dong Nai Port now include Sonadezi Corporation holding 51 per cent of the capital, VNDirect with 16.1 per cent and Gelex keeping 4.13 per cent, in addition to other shareholders.
GEX’s divestment from Dong Nai Port showed GEX’s definitive intention to withdraw from the logistics sector, one of the company’s key operations besides electrical equipment, energy infrastructure and real estate.
Leaders of GEX acknowledged that companies involved in logistics bear direct risks caused by several specific characteristics related to the value chain in the industry.