HAX: Hang Xanh Motor drops as shareholders trim stakes

Hang Xanh Motor Service Joint-Stock Company (HAX), the first Vietnamese dealer for Mercedes-Benz cars, fell Tuesday in Ho Chi Minh City trading after two shareholders slashed their stakes.

The shares declined 4.5 percent to VND29,700 on the Ho Chi Minh Stock Exchange.

Pham Tuan Mai, a board member, will sell 50,000 shares in Hang Xanh by August 25 to trim his stake to 4.09 percent, or 177,212 shares, from 5.25 percent, the company said in a statement to the exchange Monday.

An Phuc Securities sold 72,750 shares to cut its stake in the luxury-car dealer to 10.89 percent, or 471,851 shares, from 12.57 percent, according to a separate company statement to the bourse Monday.

thanhnien, bloomberg

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