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MEF II to sell 2.7mn shares in Mobile World

Released at: 16:52, 18/08/2016

MEF II to sell 2.7mn shares in Mobile World

Photo: Duc Anh

Mekong Enterprise Fund II announces sale from August 19 to September 17.

by Do Huong

The Mekong Enterprise Fund II (MEF II), whose member of the Board of Directors (BOD) Mr. Chris Freund is also member of the BOD of the Mobile World Investment Corporation (MWG), has registered to sell 2,708,371 shares in the latter from August 19 to September 17 via put through.

The sale would reduce its holding to 10,833,482 shares, or 7.39 per cent, from 9.24 per cent.

MEF II is one of the five largest shareholders in MWG. It previously sold 2.55 million shares of MWG, on July 9, reducing its holding from 10.94 per cent to 9.24 per cent.

In the first six months of this year MWG’s share price soared 64.5 per cent, from VND79,000 ($3.46) to VND130,000 ($5.7).

Managed by Mekong Capital, MEF II was one of the earliest institutions to invest in MWG, in 2007. It was once its largest shareholder, with over 30 per cent.

The fund has continually divested from MWG to realize profits. In December 2014 it held 15.27 million shares of MWG and then conducted several sales.

Another shareholder, NTAsia Discovery Master Fund, sold 1 million shares of MWG on June 29.

The five largest shareholders of MWG are Retail World Investment Consultancy Ltd. Co., with 13.15 per cent, Tri Tam Ltd. Co. with 9.86 per cent, MEF II with 9.24 per cent, PYN Elite Fund with 7.07 per cent, and CDH Electric Bee Ltd with 5.27 per cent.

In the first six months of this year MWG earned revenue of VND19.6 trillion ($861.8 million) and net profit of VND835 billion ($36.6 million). The company opened 305 new stores nationwide, including 263 new thegioididong.com stores and 42 new dienmayxanh.com stores. As at June 30 it had 938 stores, including 827 thegioididong.com stores.

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