South Korea-based KIM Vietnam Growth Equity Fund has sold an additional 1.47 million shares of Vietnam-based steel producer Nam Kim Group and is no longer the major shareholder of the company, while it now holds more than eight million shares or just 4.68 percent, according to media reports.
The company’s shares are priced at VND 12,200 ($0.53) per share, 1.5 times higher than at the beginning of November. After the sale, KIM is expected to collect about VND 18 billion ($776,894).
KIM fund had sold nearly four million shares of the group in mid-August this year.
Vietnam-based Dragon Capital fund group also sold off tens of millions of Nam Kim Group shares in early April this year and has no longer been a major shareholder since then.
With the withdrawal of foreign funds, the foreign ownership ratio in Nam Kim Group has decreased from 38 percent in April to about 11 percent, as SteelOrbis has learned.
Nam Kim Group’s net revenue reached VND 3.37 trillion ($145.46 million) in the third quarter, up by 10 percent year on year, while the company’s profit totaled nearly VND 83 billion ($3.58 million), 13.3 times higher than the same period last year. In the first nine months of the current year, the company achieved an accumulated profit of VND 141 billion ($6.08 million), 3.5 times higher than in the first nine months of 2019 and equivalent to 71 percent of its annual target.