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Friday, September 30, 2022

The Gioi Di Dong plans to sell 20% stake in Bach Hoa Xanh

The Saigon Times

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HCMC – Mobile World Investment Corporation, or The Gioi Di Dong, which trades its MWG shares on the Hochiminh Stock Exchange, will sell a 20% stake in Bach Hoa Xanh, a local minimart chain, in early 2023.

Mobile phone retailer MWG has hired a consulting firm to plan the sale transaction, setting the price of the minimart chain at an estimated US$1.5 billion, the local media reported.

The proceeds of the sale will be used to expand the chain and help Bach Hoa Xanh ramp up investment in distribution, technology and online sale channels.

In the second quarter of 2022, the minimart chain saw its sales rise by 20% against the previous quarter, while the number of shoppers at Bach Hoa Xanh stores soared by 25% from the quarter earlier.

As of late July, Bach Hoa Xanh had had over 1,730 stores and posted VND15.2 trillion in revenue.

Between January and July, MWG’s net revenue amounted to VND81.7 trillion, up 14% year-on-year.

On an upbeat note, MWG soared over 5.5% at the close today, August 26, extending its winning streak for the second straight session. MWG reported a matching volume of 10.8 million shares.

A heavy sell-off dragged the VN-Index down 6.31 points, or 0.49%, from the session earlier, at 1,282.57 at the end, with 131 winners and 321 losers. Nearly 700 million shares worth VND16.1 trillion changed hands, up 7.2% in volume and 3.8% in value against the previous session.

The VN30 basket saw many stocks lose ground, but electricity firm POW bucked the downtrend to close up and took the lead by liquidity, with 25.2 million shares changing hands.

On the Hanoi Stock Exchange, the poor performance of large-cap stocks sent the HNX-Index down 2.37 points, or 0.78%, against the session earlier, to finish at 299.5.

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