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Sunday, June 23, 2024

MWG suspends cooperation with F88

The Saigon Times

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HCMC – Mobile World Investment Corporation (MWG) has halted its cooperation with personal financial service provider F88 after the police searched the latter’s headquarters.

F88 offers loans to consumers who use their motorcycles, automobiles, laptops, or smartphones as collateral, with an interest rate of 7.5% per month, or 90% per year, for a 12-month loan.

The business, which has hundreds of employees working as debt collectors, is alleged to have threatened debtors and have shown signs of extortion.

Explaining the suspension, MWG said it acted as an intermediary between borrowers and F88, while loan procedures, repayment terms and debt collection activities are all done by F88.

Since late 2021, MWG has partnered with F88 in facilitating loan agreements between borrowers and F88. To put it another way, borrowers can apply for loans from F88 at MWG’s stores.

Closing the trading session today, March 7, MWG inched up 0.76% over the previous session to VND39,700.

Many bluechips performed well on the Hochiminh Stock Exchange, helping the VN-Index of the HCMC exchange gain 10.66 points, or 1.04%, from the session earlier, at 1,037.84, with 210 winners and 160 losers.

Around 473.1 million shares worth over VND8.2 trillion changed hands, up 11% in volume and 21% in value, against the previous session. Over 48.5 million shares traded in block deals contributed more than VND1.2 trillion to the amount.

The VN30 basket saw 27 stocks rising, with MSN being the most positive as it edged up 5.2% versus yesterday’s session at VND78,300.

Steel stocks took the lead by liquidity on the HCMC exchange today, with over 29.3 million shares of HPG transacted, followed by HSG and NKG with over 24.6 million shares each.

With 90 advancers and 62 decliners, the HNX-Index of the Hanoi Stock Exchange rose 0.94 point to 207.50, up 0.46% over the previous session.

Trade on the northern bourse amounted to nearly 45 million shares worth VND695 billion, down 11.5% in volume and 6% in value, with 2.76 million shares worth VND138 billion traded in put-through deals.

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