Vingroup (HSX: VIC) has registered selling a little more than 100 million shares of its giant property arm Vinhomes JSC (HSX: VHM).
|Vingroup is allegedy to sell 3 per cent stake in Vinhomes to invest in its automobile arm VinFast |
The share volume registered for sale is equivalent to 3 per cent of Vinhomes' charter capital. If the transaction is executed successfully, Vingroup's ownership rate in Vinhomes would decrease to 66.66 per cent.
The transaction will be executed through put through orders and/or order matching. The expected transaction time is from August 19 to September 17, 2021.
Last year, a KKR-led consortium including Temasek has collectively invested VND15.1 trillion ($650 million) which translated into a 6 per cent equity stake in Vinhomes.
Following the transaction, Vingroup JSC reminded the controlling shareholder of Vinhomes. KKR is making the investment primarily from its Asian Fund III.
According to information from Viet Capital Securities Company, the proceeds from the sale of this 3 per cent sale of Vinhomes will help Vingroup invest in advanced technology, including VinFast's electric vehicles and to accelerate its "go global" strategy.