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Viet Dragon divests stake in TAC, earns $15m
Viet Dragon Fund Management (VDFM) has reportedly earned VND334 billion (US$15 million) from selling 23.44 per cent stake in Tuong An Vegetable Oil Company (TAC).
TAC is a listed firm on the HCM Stock Exchange.
The transaction was conducted off-exchange on December 6. It is believed that the buyer is Kido Corporation (KDC).
In a filing to the State Securities Commission, the fund management company reported that it has sold 4.45 million shares, equivalent to 23.44 per cent, of TAC’s capital, and reduced its ownership to 0.56 per cent. The fund is no longer a major shareholder of the oil company.
The selling price has not been disclosed, but it is speculated to be around VND75,000 per share, the TAC’s closing price on December 6.
In September, the confectionery giant had submitted a tender to purchase 12.33 million shares of TAC, or 65 per cent stake, at a bid price of VND78,000 per share.
VDFM had bought 4.5 million TAC shares on July 4 at VND62,000 per share. If these shares were sold at VND75,000, the fund has earned a profit of VND55 billion after five months of holding.
Last Friday, TAC shares were traded at VND73,000 per share.
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