Vincom drops most in two months on $50 mln investment plan

Shares for Vincom Joint Stock Company (VIC) experienced their biggest drop in two months on the company’s plans to spend US$50 million increasing its stake in a major property firm.

Hanoi-based Vincom, Vietnam’s second-largest listed property developer, will buy 88.5 million shares, worth VND885 billion, to increase its holding in Hoang Gia Property Investment & Development Joint Stock Co. to 102 million shares, or 51 percent, Vincom said in a statement after the market closed on Tuesday.

“An investment of $50 million is large especially now given that the property sector still holds a lot of risks,” said Giang Trung Kien, head analyst at Hanoi-based FPT

Securities Joint Stock Co. “This spending will affect Vincom’s earnings this year.”

Vincom’s net income declined 74 percent in the first quarter to VND10 billion because of higher spending on new projects, the company said April 23.

thanhnien, bloomberg

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