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Sunday, July 14, 2024

Yeah1 eyes 51% stake in multimedia firm

The Saigon Times

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HCMC – Yeah1 Group Corporation, whose YEG shares are listed on the Hochiminh Stock Exchange, has passed a plan to sell and acquire stakes in multiple firms, including buying shares of STV Group Multimedia Company.

Yeah1 looks set to buy almost 2.3 million shares, or a 51% stake, of STV Group Multimedia Company in the third quarter of this year to make STV Multimedia Company a subsidiary of Yeah1.

STV Group Multimedia Company was established in 2008, with its head office located in Hanoi’s Ba Dinh District. It mainly operates in television broadcasting.

Meanwhile, Yeah1 Group will sell about 1.5 million shares at Yeah1 Brand Name Development Corporation where the Group owns a 99% stake. Once the deal is done, Yeah1 Brand Name Development Corporation will be no longer a business arm of the Group.

Besides, Yeah1 will sell its entire stake in TNT Advertising Communication Corporation. As of March 31 this year, Yeah1 had a 100% voting right at TNT Advertising Communication Corporation.

As for the Group’s business performance, YEG’s revenue in the first quarter of this year reached VND67.5 billion, down nearly 77% year-on-year. Its after-tax profit in the first quarter was VND0.84 billion while the same period last year saw a loss of VND52.52 billion.

Closing the trading session today, July 1, YEG rose 3.14% to VND23,000.

The VN-Index on the HCMC market made a slight rebound today. With 210 stocks rising and 243 others falling, the benchmark index gained 1.3 points, or 0.11%, against the previous session at 1,198.9.

More than 534 million shares valued at some VND11.4 trillion changed hands on the southern bourse, improving 4.6% in volume and up slightly in value compared to yesterday.

Shares in the VN30 basket also bounced back, with 18 winners and 10 decliners. Of them, securities and bank stocks were the top contributors to the VN-Index’s recovery.

On the Hanoi bourse, the HNX-Index reversed course to end higher thanks to the increased demand and active support of bluechips. The index added 1.19 points, or 0.43% over the session earlier to close at 278.88, with 81 winners and 102 losers.

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