FPT share sale rumours refuted

Aug 30th at 19:32
30-08-2023 19:32:29+07:00

FPT share sale rumours refuted

Rumours surrounding FPT Corporation's potential plan to issue shares to foreign investors have recently ignited its share price, but sources close to the matter suggest these speculations may lack substance.


In recent days, Vietnam's stock market has been buzzing with rumours regarding FPT Corporation's (HSX: FPT) alleged plans to issue shares to foreign investors at a price of VND140,000 ($5.91) per share.

This has led to various investor groups championing the purchase of FPT shares, aiming to attain prices near to the supposed foreign investor sale price.

During the August 28 trading session, FPT's stocks captured significant attention. A strong buying force enabled them to accelerate noticeably following a subtle rise over the morning session.

Specifically, by the close, FPT shares had risen by 3.8 per cent, with a trading volume surpassing 2.95 million units. This propelled FPT's market capitalisation to nearly $5.2 billion.

However, an industry insider told VIR that the information claiming FPT's intention to release up to 20 per cent of its shares exclusively to foreign investors might be inaccurate.

Firstly, its current foreign ownership limit is capped at 49 per cent, and there have been no plans publicised by the company to expand this figure.

Secondly, within FPT's shareholder structure, State Capital Investment Corporation (SCIC) currently holds over 5 per cent of the capital. SCIC cannot approve any plans that would indirectly lead to a state capital reduction in the business.

Lastly, FPT currently has a robust cash flow, raising questions as to why it would consider capital mobilisation at this juncture. FPT's mid-year financial report indicates a substantial increase in term deposits and a solid financial foundation.

Some investors speculate that FPT might be contemplating selling a 20 per cent stake of its software subsidiary, FSoft, to foreign investors.

Speaking to VIR, Nguyen The Phuong, deputy CEO of FPT said, "These speculations are baseless. At present, we have no plans for any capital mobilisation involving foreign investors for either FPT or FSoft."




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