Companies in Vietnam, including property developer Hoang Anh Gia Lai (HAGL) and mining firm Hoa An JSC, have announced plans to buy back their shares, while HAGL chairman Doan Nguyen Duc upped his stake in the company to 44.03 per cent.
HAGL chairman increases stake, company to buy back shares
Doan Nguyen Duc, chairman of real estate and furniture business Hoang Anh Gia Lai Group (HAGL), has finished the purchase of five million shares of this own company, increasing his holding to more than 44 per cent.
Duc had earlier registered to buy these shares, stating the purpose as “long-term investment”.
HAGL itself has also filed to repurchase 10 million treasury stocks from June 10 to July 9. The repurchasing price will range from VND16,000 ($0.74) to VND22,000, while the company’s stock was traded at VND18,000 on Friday.
HAGL has invested in Myanmar with the 550 million HAGL Myanmar Centre project. The latest development of the project has seen HAGL terminate partnership with Singapore-based lifestyle real estate and investment company Rowsley Ltd, and is talking to the Hong Kong based investors. It has also signed a hotel management contract with Spanish hotel chain Melia.
The Vietnamese group also implements investments in real estate, forestry and mining in Laos, Cambodia and Thailand.
Hoa An JSC to buy back 750,000 shares
Vietnam’s mining company Hoa An JSC will buy back 750,000 of its shares, at the highest price of VND18,000. That amount of shares represents 4.96 per cent of the company.
Hoa An’s stock price closed Friday’s session at VND17,700, up 0.57 per cent.
The company’s shareholders have approved a plan that includes the company registering a VND201.2 billion in revenue and VND27.3 billion in profit after tax for this fiscal; Up by 17.6 per cent and 80 per cent respectively, as compared to the figures of last year. Dividends are also expected to be paid at 15 per cent, instead of eight per cent last year.