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Dragon Capital sells 3.3 mln shares of steel giant Hoa Phat (HPG)

Oct 5th at 13:30
05-10-2021 13:30:14+07:00

Dragon Capital sells 3.3 mln shares of steel giant Hoa Phat (HPG)

Vietnamese fund management company Dragon Capital recently sold 3.3 million shares of steelmaker Hoa Phat Group, whose price has been rising steadily amid booming exports.

A worker is seen inside a factory of Hoa Phat Group. Photo courtesy of Hoa Phat Group

Five funds related to Dragon Capital on Sep. 30 reduced their ownership of the country’s biggest steelmaker by 0.074 percentage points to 5.99 percent, according to an announcement by Hoa Phat Monday.

The sale fetched an estimated VND175 billion ($7.68 million).

HPG on Monday returned to its previous historic peak on June 1 of VND55,500.

In September, its steel exports hit a new record of nearly 50,000 tons, double the August volume, with the U.S., the E.U. and Southeast Asia being the main markets.

With a market cap of around $10.8 billion, the company is now the fourth largest listed company in Vietnam, behind state-owned lender Vietcombank, conglomerate Vingroup and real estate developer Vinhomes.

Vnexpress

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