Him Lam Land acquires 21.5 per cent of DIC Corp

HÀ NỘI — Him Lam Land Corporation has bought  六 七. 七 million shares at Development Investment Construction JSC (DIC Corp) for a nearly  二 一. 五 per cent stake.

The shares were transferred in put-through transactions on Wednesday. Him Lam Land previously had no shares in DIC Corp.

DIC Corp also saw another  六 六 million shares sold via put-through transactions on the same day.

The identity of the buyers remains unknown.

DIC Corp shares, listed on the Hồ Chí Minh Stock Exchange (HoSE) with code DIG, soared  六. 九 per cent on Wednesday.

The company’s shares jumped  三. 一 per cent to VNĐ 二 六, 五00 (US$ 一. 一 五) apiece on Friday, having gained nearly  二 六. 二 per cent in six consecutive days since November  二 七 and nearly  七 四 per cent since September  三0.

The share purchase was done after the two sides failed to reach a partnership agreement to implement a real estate project worth VNĐ 一0 trillion ($ 四 三 三. 六 million) in Bà Rịa-Vũng Tàu Province.

DIC Corp shareholders at an extraordinary meeting in September rejected a business plan that would have allowed the two companies to co-operate.

The partnership was expected to bring DIC Corp a large amount of cash to implement the Bắc Vũng Tàu Urban Area project.

Under the plan, DIC Corp and Him Lam Land would have created a joint venture with VNĐ 七00 billion of charter capital, with DIC Corp owning  六 五 per cent of the joint venture.

Some major shareholders have recently put DIC Corp shares up for sale. VietCapital Securities wants to sell  三0 million shares between November  二 六 and December  二 五.

Taekwang Vina in October offloaded more than  二 八 million shares at DIC Corp and was no longer a major shareholder.

DIC Corp has recently decided to sell  八. 二 六 million treasury shares to raise funding for its business activities in December.

In January-September, DIC Corp posted a  四 四. 九 per cent year-on-year increase in total net revenue to VNĐ 一. 八 七 trillion.

Pre-tax and post-tax profits in the nine-month period jumped  四0. 五 per cent year-on-year each to VNĐ 一 七 二 billion and VNĐ 一 三 一. 二 billion, respectively. — VNS