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Saturday, June 25, 2022

Yeah1 chairman wants to make divestment

The Saigon Times

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HCMC – Nguyen Anh Nhuong Tong, chairman of Yeah1 Group Corporation (YEG), has announced to sell his four million-plus shares, or a 12.89% stake, at the corporation.

The transaction is expected to take place from June 1 to 10 under the put-through and order-matching methods. Tong said the share transfer is aimed at addressing his personal financial issues.

Tong made the move several days after YEG publicized documents for its annual shareholders’ meeting in 2022 which is planned to take place on June 15.

According to the documents, YEG will seek its shareholders’ approval for a plan to increase its charter capital by issuing more than 78.64 million shares at VND10,000 each to no more than 100 investors.

The share issue is expected to help YEG earn over VND786.4 billion. Of the total, YEG will use over VND572 billion to expand its investment in digital-tech media, technology, fintech and other relevant sectors to develop the firm’s ecosystem.

YEG will invest VND73 billion in the technology infrastructure and use some VND140 billion to pay debt.

This year, Yeah1 set a target to generate consolidated revenue of VND588 billion, less than half of the revenue recorded in 2021, but the parent company’s after-tax profit was expected to increase 25% to VND24.7 billion.

YEG closed the session today, May 27, down 2.11% at VND16,250.

Regarding stock trading, the VN-Index of the Hochiminh Stock Exchange added 16.88 points, or 1.33%, against the previous session at 1,285.45, with 308 stocks advancing and 129 others declining. The bourse saw 607.22 million shares valued at nearly VND16.1 trillion changing hands, up 12% in volume and 16.8% in value.

In the VN30 basket, only lender STB was transacted below its reference price with a slight fall of 0.7%, while the remainder went up.

Meanwhile, the HNX-Index of the Hanoi exchange lost 2.12 points, or 0.68%, compared to the previous session at 311.17.

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