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BWE wants to acquire 24.5% stake in LAW

The Saigon Times

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HCMC – Binh Duong Water Environment JSC (BWE) has approved a board resolution to buy three million LAW shares, or a 24.5% stake, in Long An Water Supply Sewerage JSC (LAW).

It is likely that BWE would buy the shares from DNP Holding Joint Stock Company (DNP), which has registered to sell three million LAW shares from March 15 to April 13.

If the deal is struck, LAW will become an affiliated company of BWE, while DNP’s ownership in it will drop to 12.65%.

By late last December, the provincial government of Long An held 7.32 million LAW shares, equivalent to a 60% stake in LAW, while DNP owned 4.53 million shares, or a stake of 37.15%.

Long An Water Supply Sewerage JSC, previously known as Water Supply Enterprise, was established in 1956. The company is managing and operating three water supply plants, with a total capacity of 37,200 cubic meters per day.

It has started trading its shares on the Unlisted Public Company Market, or UPCoM, under the code LAW since December 2015. Last year, the company posted VND245.1 billion in revenue and nearly VND13.8 billion in profit.

Closing the trading session today, March 15, BWE improved 0.23% against the previous session at VND44,200.

The rebound of bank and financial service stocks drove up the local stock market, enabling the benchmark VN-Index of the Hochiminh Stock Exchange to gain 22.06 points, up 2.12% over yesterday’s session, at 1,062.19.

The southern bourse saw advancers outnumbering decliners by 380 to 43, with 622.9 million shares valued at over VND10.6 trillion traded. There were 73.7 million shares traded in block deals, contributing over VND1.6 trillion to the overall value.

Financial service stocks VND and SSI hit the upper limit today, rising to VND14,950 and VND20,350 per share, respectively. They were also the most traded stocks on the market with over 29.5 million shares and 28.4 million shares changing hands.

On the Hanoi bourse, the HNX-Index added 4.46 points, or 2.2%, day-on-day at 207.01, with 132 stocks rising and 46 others dipping.

The Hanoi market saw trading volume and value slightly higher than in the previous session, with over 82.4 million shares worth more than VND1.1 trillion traded.

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