DIC Corp (DIG) has another chairman's family member continue to dump 185,000 shares.

Family members and companies related to Chairman Nguyen Thien Tuan continuously buy and sell DIG shares.

Recently, shareholders of Construction Development Investment Corporation - DIC Corp (DIG) have continuously received information about large-scale contradictory transactions between relatives and large organizations related to Chairman Nguyen Thien Tuan.

For example, Thien Tan Development Investment JSC, a unit related to Chairman Tuan, has continuously sold DIG shares. On March 3, Thien Tan sold 3,627,100 DIG shares, on March 14, it sold another 2 million shares, and on March 17, it continued to sell another 8,488,700 DIG shares, reducing its ownership ratio to only 6.98% of charter capital.

DIC Corp (DIG) Chairman's family members and related companies continuously buy and sell large amounts of shares (Photo TL)

On the other hand, Mr. Nguyen Hung Cuong, Vice Chairman of the Board of Directors and also Mr. Tuan's son, on March 17 also registered to buy 5 million DIG shares to increase his ownership ratio from 8.85% to 9.66% of charter capital.

Another notable transaction that has just been announced is that Ms. Ha Thi Thanh Chau, the sister-in-law of Mr. Nguyen Thien Tuan, has just registered to sell 185,000 DIG shares, reducing her ownership ratio from 0.045% to only 0.01% of charter capital. The transaction is expected to take place from March 30 to April 28.

The continuous contradictory transactions of buying and selling large amounts of shares by shareholders related to the chairman are attracting investors' attention and raising questions about the real market price of DIG shares. In the trading session on March 28, 2023, DIG shares recorded a price of VND 13,300/share, a sharp decrease compared to the price of nearly VND 80,000/share achieved 1 year ago.

Profits plummet, DIC Corp must dissolve subsidiary

Regarding the business situation in 2022, DIC Corp's accumulated revenue reached VND 1,942.5 billion, down about 24.9% over the same period last year. The company's profit after tax reached VND 144.4 billion, down 85% compared to the performance in 2021. This result is relatively understandable when DIC Corp is continuously facing difficulties in 2022.

This unit even had to announce the dissolution of its subsidiary, DIG Aquarium JSC, with an initial investment value of nearly VND147 billion. This is one of 10 subsidiaries of DIC Corp operating in the field of investment and business development of urban areas, hotels, and services. DIC Corp used to hold 95% of the charter capital of DIG Aquarium.

In terms of asset size, by the end of 2022, DIC Corp's total assets were recorded at VND 14,743.4 billion, down 12.5% compared to the beginning of the year. Notably, there was a sharp decrease in payables, from VND 9,175.4 billion to only VND 6,995.6 billion, a decrease of about 23.8%.

Although the debt structure has decreased sharply, short-term loans and financial leases in 2022 have increased from VND 611.2 billion to VND 1,004.8 billion, equivalent to an increase of VND 393.6 billion in short-term debt in just 1 year of operation. In contrast, the target for long-term loans and financial leases has decreased from VND 4,295.5 billion to only VND 2,840.3 billion.

The shift of loans from long-term to short-term will increase the risk of short-term loan structure. In addition, although equity did not fluctuate much, recorded at VND 7,747.8 billion, undistributed profit after tax was only VND 299.7 billion, while at the beginning of the year it was still recorded at VND 1,111.4 billion.

Source: https://www.congluan.vn/lai-them-nguoi-nha-chu-tich-dic-corp-dig-tiep-tuc-ban-thao-185000-co-phieu-post241151.html