VinaCapital fund plans to divest from KDH
VinaCapital fund plans to divest from KDH
Vietnam Ventures Limited, a fund managed by VinaCapital has just registered to sell 7.7 million shares of Khang Dien House Trading and Investment JSC (KDH) between May 20 and June 18.
Once the deal is completed, Vietnam Ventures Limited will hold 20.5 million shares of KDH, equivalent to an ownership rate of 3.67 per cent and will no longer be a major shareholder of KDH.
The fund said the deal is being conducted to restructure the investment portfolio. This move comes amid KDH shares continuously hitting higher levels and are currently at the highest price territory in history.
Since the beginning of the year, funds managed by Dragon Capital have also continuously lowered the proportion of KDH shares in their portfolios.
Earlier this year, these funds held about 84.1 million KDH shares, equivalent to an ownership rate of 15.05 per cent, but now they only hold 55.21 million KDH shares, equivalent to the ownership rate of 9.88 per cent.
Under net selling pressure from foreign investors, KDH stocks were excluded from VN Diamond basket because they don't meet the criteria for foreign ownership limit ratio (FOL) as the indicator was lower than required (90 per cent).
However, KDH stocks are still trading at historic highs on the stock market. Since April, the shares have been on a bullish trend with a gain of up to 20 per cent. The average trading liquidity of KDH shares in April was over 5.3 million units per day.
KDH shares, listed on the Ho Chi Minh Stock Exchange (HoSE), closed Tuesday at VND36,000 per share.
