SCIC to cut stake in tech group FPT
SCIC to cut stake in tech group FPT
The State Capital Investment Corporation (SCIC) will offer 46 million shares of the tech group FPT Corp for auction, hoping to receive a minimum of VND49,400 (US$2.13) apiece.
The deal is valued at a minimum VND2.3 trillion ($99.34 million) and the auction will be held on August 7 at the Ho Chi Minh Stock Exchange (HoSE).
Foreign investors are illegible to participate in the auction because the company has run out of room for foreign capital investment.
The largest tech group by market capitalisation lists nearly 784 million shares on HoSE with code FPT.
FPT shares slid 0.3 per cent to trade at VND48,500 apiece on Tuesday.
As the company has no more room for foreign capital, foreign investors can only trade its shares together or buy them indirectly via exchange-traded funds (ETFs).
FPT is also the biggest heavyweight in the portfolio of VFMVN Diamond ETF, accounting for 14.9 per cent of the total.
The ETF was launched by the asset management firm VFM, listed on HoSE as FUEVFVND, and it tracks the stocks in the VN Diamond Index.
The VN Diamond Index was launched by the southern bourse in November last year to follow companies’ stocks that had run out of room for foreign investment.
In the first five months of 2020, FPT recorded VND11.2 trillion in total net revenue and VND1.65 trillion in total post-tax profit, up 15.6 per cent and 16 per cent year-on-year.
