The investment of Tan Hiep Phat Group founder's daughter Tran Uyen Phuong in Yeah1 (HSX: YEG) proved wise, as news of the investment produced a turnaround, raising the stock by almost 70 per cent.
|YEG stocks have kept on a steady course upwards for nine sessions to land at VND83,000 ($3.60) |
At the time Tran Uyen Phuong, deputy general director of domestic beverage manufacturer Tan Hiep Phat, bought 6.05 million YEG stocks, the price was VND50,000 ($2.17). However, as soon as news of the deal went public, YEG went on a nine-session rally (February 25-March 6) to reach VND83,000 ($3.60), a 69.3 per cent rise against February 25. With the new stock price, the value of Phuong's investment is more than VND502 billion ($21.83 million), about VND203 billion ($8.83 million) higher than the VND299 billion ($13 million) she paid for the shares.
Phuong made the purchase on February 17-19, raising her ownership rate from 2.26 to 21.61 per cent. After the deal, Phuong became the second-largest shareholder of the firm, behind Yeah1 chairman Nguyen Anh Nhuong Tong’s 25.52 per cent.
In the middle of March, YouTube accused Yeah1’s multi-channel network SpringMe that some of its channels violated its policies. This led to the global video platform stopping work with all Yeah1 subsidiaries running YouTube AdSense like Yeah1 Pte., Ltd. and ScaleLab LLC. YouTube’s cancellation cost Yeah1 Group more than VND1 trillion ($43.48 million) in market value within two days.
After the disruption, Yeah1 has been on the way to recover by developing the new business forms like launching games on the mobile platform 100D, forming Appnews specialised in technology and information, and pouring capital into Appfast – a platform specialised in helping distributors using many applications at the same time. Most recently, Yeah1 has just approved the plan of developing branding/marketing platforms for celebrities.
By Van Anh