CII to sell 10 million shares of Nam Bay Bay
Ho Chi Minh City Infrastructure Investment Joint Stock Company (CII) plans to sell another 10 million shares of Nam Bay Bay Investment Joint Stock Company (NBB) under agreement method.
If the transaction is successful, CII will reduce its ownership from 47.5 million shares of NBB, equivalent to 47.5 per cent of capital, to 37.5 million shares, or 37.5 per cent of capital. The expected implementation time is from July 7 to August 5.
Previously, from June 6 to July 4, CII completed the sale of 1.5 million NBB shares out of 10 million registered units, thereby reducing its ownership to 47.5 million shares as present. The reason for not completing the transaction was that the expected selling price had not been reached.
As of December 31, 2021, CII is the parent company of NBB, holding 65.4 per cent of the charter capital. However, since the beginning of 2022, CII has continuously sold 17.8 million NBB shares to reduce its ownership to the current 47.5 per cent, thereby turning NBB into an associate company.
Since CII's divestment, NBB's stock has continuously plummeted, now trading around VND15,800 per share, down 73.5 per cent from the historic peak of VND59,700 in early January.
In the first quarter, CII recorded net revenue of VND711.7 billion (US$30.4 million), down 26.1 per cent over the same period last year. Although revenue decreased, profit after tax reached VND685.2 billion, 14 times higher than in the first quarter of 2021.