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Tuesday, August 16, 2022

GIL set to divest stake in Gia Dinh garment company

The Saigon Times

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HCMC – Binh Thanh Import-Export Production and Trade JSC, which trades its GIL shares on the Hochiminh Stock Exchange, will transfer all its stake in Gia Dinh Textile and Garment Corporation to the former’s chairman.

As of late March, GIL had held a 25.91% stake in the apparel company, the local media reported. Gia Dinh Textile and Garment Corporation’s chartered capital is VND627.4 billion, according to GIL’s 2021 annual report.

Three major shareholders of the firm are HCMC Finance and Investment State-owned Company, GIL and Nguyen Kim Investment and Development JSC, whose respective ownership is 49%, 25.91% and 14.24%.

In the first quarter of 2022, GIL made over VND1.4 trillion in net revenue, up 64% year-on-year, and VND107 billion in after-tax profit, up 51% year-on-year.

Despite its improved first-quarter business performance, GIL shares tumbled over 6.6% on the stock exchange today, July 6.

The poor performance of many bluechips sent the VN-Index of the southern bourse down 31.68 points, or 2.68%, from the session earlier, at 1,149.61, with losers outnumbering gainers by 395 to 73.

There were more than 611 million shares worth VND13.8 trillion changing hands, up 40% in volume and 39% in value against the previous day.

In the VN30 basket, gas firm GAS and retailer VRE stood at their daily floor prices at the close.

The Hanoi bourse remained gloomy, with 150 decliners and 44 advancers. The HNX-Index shed 2.17%, or 6.02 points, from the previous session, at 271.92.

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