South Korea fund sells 1.47 million shares of steel firm (NKG)
South Korea fund sells 1.47 million shares of steel firm (NKG)
KIM Vietnam Growth Equity Fund announced Friday it had sold an additional 1.47 million shares of steel company Nam Kim Group (NKG).
The transaction caused the South Korea fund, holding more than 8 million shares, equivalent to 4.68 per cent, to no longer be a major shareholder of NKG.
On the market, NKG shares are priced at VND12,200 (US$0.53) per share, 1.5 times higher than the beginning of November. After the sale, KIM is expected to collect about VND18 billion.
The South Korean fund sold nearly 4 million shares of Nam Kim Group in mid-August, equivalent to over 9.1 per cent of the steel company’s capital.
In early April, Dragon Capital fund group also divested tens of millions of NKG shares and is no longer a major shareholder since April 10.
The constant withdrawal of foreign funds caused the foreign ownership ratio in Nam Kim Group to decrease from 38 per cent in April to about 11 per cent as at present.
In Q3, Nam Kim Group recorded a 10 per cent increase in net revenue, reaching VND3.37 trillion and a profit of 13.3 times higher than the same period last year, reaching nearly VND83 billion.
Accumulated profit in 9 months was over VND141 billion, 3.5 times higher than the same period last year and fulfilling 71 per cent of yearly plan.
Recently, the company approved a plan to pay a dividend for 2020’s first phase in cash in advance at the rate of 3 per cent.
