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Tracodi to divest from affiliate

The Saigon Times

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HCMC – Transport and Industry Development Investment JSC, or Tracodi, which trades its TCD shares on the Hochiminh Stock Exchange, has unveiled a plan to divest its entire 49% stake in Bang Duong E&C JSC, one of its five affiliates, one year after having poured capital into the latter.

The transfer will be conducted in the first quarter of 2023, the local media reported.

Established in 2018, Bang Duong E&C specializes in leveling ground and developing traffic projects, civil construction and real estate. The firm is mainly active in Ba Ria-Vung Tau, Long An, Binh Duong, Dong Nai, Hau Giang and HCMC.

In addition, Tracodi is set to acquire a 49% stake in Thai Nguyen Energy Development and Investment Company, which is a subsidiary of Bamboo Capital.

Closing the trading session today, January 16, TCD stood at the reference price.

On the HCMC bourse, the good performance of many largecaps pushed the VN-Index up 6.51 points, or 0.61%, from the session earlier, at 1,066.68, with 175 gainers and 215 losers.

Over 520 million shares worth VND9.4 trillion changed hands, up 2.8% in volume and 7.6% in value, against the previous session.

Among winners, the group of bank stocks reported the sharpest gain, with BID ending at its upper limit.

Steelmaker HPG gained 1.5% and took the lead on bourse by liquidity with a matching volume of 22.3 million shares.

Many real estate stocks such as VIC, VHM, NVL, NLG, PDR and DIG were among main drags of the index.

Weak demand on the Hanoi exchange dragged the HNX-Index down 0.68 points, or 0.32%, from the previous session, at 210.88.

Securities firm SHS finished the day at the reference price, but became the most actively traded stock on bourse with 9.5 million shares changing hands.

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