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Tuesday, June 18, 2024

Yeah1 to offload stakes in three subsidiaries

The Saigon Times

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HCMC – Yeah1 Group Corporation, which trades its YEG shares on the Hochiminh Stock Exchange, will sell off its stakes in three companies and establish a new business.

Yeah1 this month will transfer the entire stake that Care Group JSC holds in Yeah1 Commercial Co., Ltd, equivalent to VND510 million, or a 51% stake in Yeah1 Commercial Company.

Similarly, Yeah1 in the month will sell 91,800 shares, or a 51% stake owned by Giga1 Commerce and Technology JSC in Gigagoods JSC.

Besides, 106,200 shares, or a 59% stake owned by Giga1 Commerce and Technology JSC, an arm of Yeah1, in Gigawin Distribution JSC will be sold in the month as well.

After the three deals, Yeah1 Commercial Company, Gigagoods JSC, and Gigawin Distribution JSC will be no longer subsidiaries of Yeah1 Group.

Meanwhile, the Group will set up a subsidiary under Giga1 Commerce and Technology JSC this month, called Yeah1 Up Co., Ltd., with charter capital of VND2 billion.

In the second quarter of the year, Yeah1 earned VND72 billion in revenue, plunging nearly 77% year-on-year. It obtained VND7.25 billion in after-tax profit while suffering losses of VND144.25 billion in the same period last year.

Its revenue in the first half of 2022 declined over 76% year-on-year at VND139.6 billion. Its after-tax profit reached VND8.09 billion, compared to the year-ago losses of VND196 billion.

It looks to achieve VND588 billion in revenue and VND24.7 billion in after-tax profit in 2022.

In the local stock market, YEG closed 0.61% higher at VND24,650.

The benchmark VN-Index on the HCMC market added 4.39 points, or 0.35% over the session earlier at 1,254.15, with 231 winners and 213 losers. Trade on the southern bourse contracted 8% in volume and 3% in value against the previous session at over 724 million shares and VND17 trillion.

On the northern bourse, with 108 stocks rising and 92 others dipping, the HNX-Index slid 0.38 points, or 0.13%, compared to yesterday at 297.73.

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