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PYN Elite Fund becomes third-largest DLG shareholder
Finland's PYN Elite Fund (Non-Ucits) bought 3,662,580 shares of Duc Long Gia Lai Group JSC (DLG), increasing its holding to 17,216,110 shares, a 10.18 per cent stake, from January 12.
The HCM Stock Exchange (HOSE) released the information on January 14, adding that after the transaction, PYN Elite became the third-largest shareholder of DLG, which specialises in construction and real estate development in the central region of Viet Nam. The largest shareholder of the company is its Chairman Bui Phap and the second-largest shareholder is AnsenHoldco Limited.
Established in 2007 in the central highland Gia Lai Province, DLG works in the construction and interior production sectors. The company earned VND533.9 billion (US$23.67 million) in revenue and VND13.1 billion ($580,931) in before-tax profit in Q3, 2015.
According to Bloomberg.com, Elite is an open-end fund incorporated in Finland. The fund's objective is significant value increases through active portfolio management with focus on select companies and markets.
Seeking a higher return than equity funds with diversified global portfolios, the fund invests currently in Southeast Asia with the main focus being Chinese and Vietnamese equity securities.
DLG shares ended the day at VND5,800 ($0.25) each on HOSE.
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