VIETNAM, July 15 - HÀ NỘI — Investment fund Dragon Capital recently reduced its holdings in Đất Xanh Group by selling one million DXG shares.
The transaction took place on July 8, following their active accumulation of the stock from March to April.
As a result, Dragon Capital's ownership stake in Đất Xanh decreased from 11.02 per cent to 10.88 per cent, equivalent to approximately 78.4 million shares.
The trading session on July 8 witnessed a significant sell-off of DXG shares, leading to a 4 per cent decline in the price, which reached a low of VNĐ14,400 per share.
This marked the lowest close since July 2023.
Although DXG experienced a slight recovery, as of July 12, the price remained at VNĐ14,550 per share.
Previously, the property developer underwent notable changes in its senior leadership as Lương Trí Thìn stepped down from his position as Chairman of the Board of Directors on July 3, and was succeeded by Lương Ngọc Huy.
Thìn will assume the role of Chairman of the Strategic Council and continues to be the largest shareholder of Đất Xanh, holding a significant ownership stake of 16.94 per cent.
In the first quarter of 2024, the company achieved a revenue of over VNĐ1 trillion (US$41.8 million) and a net profit after tax of nearly VNĐ78 billion.
As of March 31, the company's total outstanding debt stood at over VNĐ14.1 trillion.
Although the business results in 2023 were not favourable, MB Securities predicts a significant improvement in Đất Xanh's performance in 2024 and 2025.
The projected revenues are expected to reach more than VNĐ3.7 trillion in 2024 and VNĐ4.46 trillion in 2025, accompanied by estimated net profits of VNĐ234 billion and VNĐ440 billion, respectively. — VNS