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HAGL Chairman eyes 5 million more shares

Released at: 09:47, 14/05/2015

HAGL Chairman eyes 5 million more shares

Chairman Doan Nguyen Duc's shareholding to increase to more than 44 per cent if transaction successful.

by Thu Hoang

Mr. Doan Nguyen Duc, Chairman of the Hoang Anh Gia Lai Group (HAGL, Ticker: HAG) has registered to purchase 5 million shares in the group as a long-term investment.

The transaction is expected to take place between May 18 and June 17, by orders or agreements. If the acquisition is successful Mr. Duc will increase his ownership in HAGL to 44.03 per cent, or 347.7 million shares, from the current 43.39 per cent.

The Board of Directors also submitted plans on May 13 to the State Securities Commission (SSC) to purchase 10 million shares from its capital surplus.

The share price will be the market price on the day of the transaction and will follow transaction regulations at the Ho Chi Minh City Stock Exchanges (HoSE). The transaction will be conducted within 30 days of the SSC being informed.

Over the last month HAG's share price closed within a range of VND17,800 to VND20,700 ($0.81 to $0.95).

HAGL targets revenue of VND5.34 trillion ($247.4 million) this year. In 2014 revenue reached VND3 trillion ($141 million), gross profit VND1.2 trillion ($56.7 million), and profit after tax VND1.55 trillion ($72 million).

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