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Tuesday, June 25, 2024

Binh Thuan Agriculture set to divest from two affiliates

The Saigon Times

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HCMC – Binh Thuan Agriculture Services JSC, which trades its ABS shares on the Hochiminh Stock Exchange, has announced its plan to divest from VCD Riverbank and Agricultural and Materials Import Export JSC.

ABS will transfer 10 million shares of VCD Riverbank at the starting price of VND13,300 per share. In 2021, the firm transferred a 20% stake in VCD Riverbank, fetching over VND72.8 billion.

Besides, ABS will divest its entire stake in its another affiliate, Agricultural and Materials Import Export JSC, at the starting price of VND12,000 per share. According to its 2021 annual report, ABS held 680,000 shares, or an 11.95% stake, in Agricultural and Materials Import Export JSC.

In the third quarter of 2022, ABS posted VND165.3 billion in net revenue, up 8% year-on-year and VND5.4 billion in after-tax profit, rocketing 145.8% year-on-year.

Closing the session today, October 26, ABS stood at the reference price.

The VN-Index of the HCMC exchange reversed course to lose 4.34 points, or 0.44%, from the session earlier, at 993.36, with 164 gainers and 256 decliners, dragged by weak cash flow and poor performance of bluechips.

Over 448 million shares worth VND8 trillion changed hands, dipping by 40% in volume and 35.5% in value against the previous session.

Securities firm VND continued its downward spiral, plunging to its floor price, but still took the lead by liquidity on bourse with 28 million shares changing hands.

On the Hanoi bourse, the HNX-Index slid 2.07 points, or 1%, from the previous session, at 205.95, extending its falling streak for a sixth straight session.

Many largecap stocks fell into negative territory, with securities company SHS and gas and oil firm PVS losing 0.9% and 1.4%, respectively.

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