Investment funds take profits as Hoa Phat (HPG) share keeps rising
Investment funds take profits as Hoa Phat (HPG) share keeps rising
Funds have sold over 14 million shares of steelmaker Hoa Phat Group to book profits as its price surged on rising profits.
Hoa Phat steel products seen in a factory. Photo courtesy of Hoa Phat Group.
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PENM III Germany GmbH & Co.KG sold over seven million HPG shares between February 23 and March 4, according to a statement from the steelmaker.
PENM III had registered to sell over 76 million HPG shares at the end of last year, and has now completed the transaction.
On February 18 Norges Bank and Vietnam Enterprise Investments Limited, funds managed by Ho Chi Minh City-based Dragon Capital, sold over 7.3 million HPG shares but bought back 1.2 million shares five days later.
HPG has gone up by 3.5 times since March last year to around VND45,900 ($2), one of the biggest moves on the Ho Chi Minh Stock Exchange during the period.
It has been repeatedly rising to all-timehighs since November as its profits last year rose by 80 percent year-on-year to over VND13.5 trillion ($588 million).
The company recently announced it would manufacture containers to meeting the rising global demand.
