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Saturday, November 26, 2022

Louis Capital divests stake in Sametel Corporation

The Saigon Times

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HCMC – Louis Capital JSC, which trades its TGG shares on the Hochiminh Stock Exchange, has divested its entire 51.2% stake in Sametel Corporation, with the code SMT.

Between September 20 and 23, Louis Capital offloaded over 2.8 million SMT shares, the local media reported.

During the period, the same volume of SMT shares was traded in block deals at an average price of VND16,021 each.

In August and October in 2021, Louis Capital bought the SMT shares at VND16,000 each.

Nguyen Mai Long, chairman of Louis Capital, said at its 2022 annual general shareholders meeting that the firm would divest its stake in SMT at a price not lower than VND28,000 per share. However, the firm later revised down the price to some VND20,000 per share.

Finally, TGG passed a plan to divest its entire stake in SMT at a price not lower than the buying price and successfully offloaded the shares.

In the first half of the year, SMT reported some VND180 billion in revenue but incurred a loss of VND5.3 billion.

SMT continued its downtrend on the Hanoi exchange, losing over 3% at the close today, September 29, while TGG stood at its floor price.

Regarding securities trading today, September 29, the VN-Index of the HCMC bourse lost 17.55 points, or 1.53%, from the session earlier, at 1,126.07, with 118 gainers and 347 decliners. There were over 491 million shares worth VND11.2 trillion changing hands, down 7% in volume and 4% in value against the previous session.

Many large-cap stocks such as rubber group GVR, consumer goods company MSN, tech firm FPT and housing firm KDH fell into negative territory.

Farming firm HAG slid 1.2%, but took the lead by liquidity on bourse with a matching volume of 21.7 million shares.

On the Hanoi bourse, the selloff pressure on bluechips dragged the HNX-Index down 2.94 points, or 1.17%, from the session earlier, at 249.41.

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