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Saturday, May 21, 2022

Vinaconex to divest stake in Vinh Phuc Co.

The Saigon Times

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HCMC – Vietnam Construction and Import-Export JSC (Vinaconex), which lists its shares on the Hochiminh Stock Exchange under the code VCG, is set to divest its entire stake in Vinh Phuc Urban Infrastructure Development Company.

As of December 31 last year, VCG had held a 20% stake in the firm, the local media reported.

In the fourth quarter of 2021, VCG obtained over VND2.1 trillion in revenue and VND173.7 billion in after-tax profit, up 22% and down 27.4% year-on-year, respectively.

The reduction in its profit was mainly due to the hike in its financial and administrative expenses, according to VCG.

In 2021, the company’s revenue amounted to over VND5.7 trillion, up 3.4% against 2020, while its after-tax profit reached VND531.5 billion, dipping by 68.6%.

At the close of the trading session today, March 31, VCG inched down 0.12% from the day earlier, extending its losing streak for the second session.

The benchmark VN-Index of the southern bourse ended the final session of March up 0.11%, or 1.64 points, from the session earlier, at 1,492.15, with 179 winners and 261 losers. Over 684 million shares worth VND21.8 trillion changed hands, down 24% in both volume and value against the previous session.

Many bluechips such as dairy firm VNM, jewelry company PNJ and retailer VRE were among the main drivers of the main index.

Heavy selling pressure dragged the HNX-Index of the Hanoi Stock Exchange down 1.58 points, or 0.35%, over the session earlier, at 449.62.

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