Yeah1 sells six million stocks to undisclosed strategic partner
16:54 | 24/02/2020 Print Article
Yeah1 stocks (HSX: YEG) produced a minuscule rise after the company chairman and general director sold six million shares to an unnamed strategic partner for VND300 billion ($13 million).
|Yeah1 may have brought a new strategic partner on board after a tough 2019 |
Yeah1 (HSX: YEG) closed the afternoon session on February 12 at VND50,200 ($2.18), up VND200 (0.9 US cent) against the previous session. The rise took place after Yeah1 chairman Nguyen Anh Nhuong Tong and general director Dao Phuc Tri sold more than six million stocks for VND50,000 ($2.17) per share. The amount included Tong’s 5.05 million and Tri’s one million shares.
As a result, their ownership rates in Yeah1 Group have narrowed to 30.3 per cent, followed by Ancla Assets Ltd. (10.93 per cent) and venture investment fund DFJ VinaCapital Venture (9.74 per cent).
According to Yeah1, the shares were picked up by its new strategic partners, however, the firm refused to disclose names.
Yeah1 reported VND435 billion ($18.9 million) of revenue in the fourth quarter of 2019, down 32 per cent on-year. Notably, the spike in management costs and the $3.6 million provision resulted in losses of nearly VND158 billion ($6.87 million) in the quarter.
For the whole year, Yeah1 made VND1.449 trillion ($63 million) in revenue and VND372 billion ($16.17 million) in losses.
YEG recently approved the plan of developing frameworks for celebrities, which includes establishing Your Entertainment Platform JSC (YEP) and Super Star Yeah1 JSC (YSS) both worth VND14 billion ($608,700) each. Yeah1’s ownership rates in the two subsidiaries are 99.98 and 50.98 per cent, respectively.