Vietnam Investments Fund II announced its decision to sell its shares in the Vietnam logistics company Gemadept. The firm announced the selling of around 58 million shares.
Vietnams Investments declared that the Gemadept shares will be available for sale between August 23 and September 20, 2019. Vietnam Investments currently holds a 19.55 percent stake in Gemadept and after the selling of the shares it will hold no stake in the Vietnam logistics company.
Previously, Vietnam Investments owned 29.55 percent or 87.7 million shares in Gemadept. The firm later on sold around 29.7 million shares to lower its stake down to 19.55 percent.
The transactions for the previous sale were carried out between July 8 and August 2.
Almost the entire shares (29.7 million) sold by Vietnam Investments were bought by SSJ Consulting, a company based in Vietnam.
Gemadept’s shares gained nearly 13 percent in the last three trading weeks, ending at VND28,650 per share on Wednesday.
Vietnam Investments had sold 2.45 million Gemadept shares between August 16 and September 13 in 2018.
Vietnam Investments is run by the UK based CDC group. The firm became a major shareholder in Gemadept when it received 87.7 million Gemadept shares in return for a $40 million loan the firm owed Vietnam Investments.
Vietnam Investments has also invested in local firms such as PG Bank, Eximbank, Thien Minh Group and SSG Education. The total Vietnamese assets managed by Vietnam investments thus add up to nearly $400 million.
Gemadept reported a 12 percent increase in its revenues in the second quarter of 2019 when compared over the same time period in 2018. Port operations and logistics are its main source of income. But the profit for the second quarter of 2019 fell by 27 percent when compared over the same time period in 2018 due to fall in income from financial investments and sales.