The transaction was executed within two days from March 25 (2.5 million shares) to 26 (0.5 million shares) through negotiation method. The total negotiated transfer value was VND199 billion ($9.26 million).
Meanwhile, CotecCons has announced that The Ton Poh Thailand Fund has become its largest shareholder by purchasing 2.5 million shares on March 25 on the stock exchange, and is currently holding 5.92 per cent.
Therefore, the batch of share sold by Indochina Holdings could have been bought by the Thai fund; making it the fund’s first investment in the Vietnamese public market.
The average price of the Indochina Holdings sale was VND66,333, while CotecCons stock price has remained at VND70,000 since March 25.
CotecCons registered capital is of VND422 billion ($19.6 million) and reported a profit after tax of nearly VND357.5 billion ($16.6 million) last year, increasing 39 per cent over a year earlier.
It is the construction partner of many large realty projects, like Novaland Group’s Lexington Residence in Ho Chi Minh City, textile firm Shenzou International Group’s Gain Lucky factory in the southern Tay Ninh Province and the Masteri Thao Dien residential complex.
Recently, a number of Thailand investors have forayed the Vietnamese market, mostly through direct investment. Recent deals are involved with the retail and manufacturing sectors.
The Ton Poh Thailand Fund can open a new trend of Thai investment, which will see more Thai funds expanding their portfolios to Vietnam.