Shares triple in value, family members of Hoa Sen Chairman divest all their holdings.

According to information from the Ho Chi Minh City Stock Exchange (HoSE), Mr. Nguyen Van Chien, brother-in-law of Mr. Le Phuoc Vu - Chairman of the Board of Directors of Hoa Sen Group Joint Stock Company (HoSE: HSG) - has registered to sell all of his more than 10.7 million HSG shares, equivalent to 1.74% of the capital. The transaction is expected to take place from September 14 to October 13, 2023.

If the transaction is completed, Mr. Chien will no longer hold any shares in Hoa Sen. Based on the current market price, Mr. Chien could potentially earn approximately 236 billion VND if the deal is finalized.

The selling by the Chairman's family members occurred amidst a strong recovery in HSG's share price since its short-term low. At the close of trading on September 11th, HSG shares closed down 3.18% at 21,300 VND per share. However, compared to its low point in November 2022, the share price has tripled.

Previously, in contrast to Mr. Chien's actions, the fund group under Dragon Capital actively accumulated HSG shares. In August 2023 alone, this fund group acquired 12.5 million HSG shares, equivalent to 2% of the total outstanding shares of Hoa Sen Group.

The performance of HSG stock over the past year (Source: Trading View).

Regarding the financial picture, for the first nine months of the 2022-2023 fiscal year, Hoa Sen recorded revenue of VND 23,544 billion, a decrease of 44% compared to the same period of the previous fiscal year. After deducting expenses, the company still incurred a loss of VND 410 billion, while in the same period it made a profit of over VND 1,100 billion. The company is still far from its target of a profit of VND 300 billion for this fiscal year.

As of June 30th, Hoa Sen's total assets reached VND 16,526 billion, a decrease of nearly 3% compared to the beginning of the year. The largest component was inventory at VND 6,248 billion, down 15.5% from the start of the fiscal year. Fixed assets stood at VND 5,224 billion. Cash and cash equivalents, including time deposits, amounted to approximately VND 740 billion.

Financial debt at the end of the third quarter of the fiscal year was VND 4,370 billion, all of which was short-term debt. Equity reached VND 10,367 billion, including undistributed after-tax profit of VND 4,108 billion and charter capital of VND 5,980 billion .

Source: https://www.nguoiduatin.vn/co-phieu-tang-gap-3-lan-nguoi-nha-chu-tich-hoa-sen-thoai-sach-von-a625864.html