YouTube has just agreed to extend negotiations with Yeah1 with two more weeks instead of stopping to work with the firm from April 1, as previously announced.
|YouTube officially stops working with Yeah1 |
Thus, Yeah1's subsidiaries are still available on YouTube until the middle of April. However, the representative of Yeah1 also said the results of the negotiation are uncertain. "We are still negotiating," said the representative.
Since YouTube announced to stop working with Yeah1, the market valuation of the latter has fallen from VND7.66 trillion ($333 million) in last June to VND4.7 trillion ($204.3 million).
The YEG stock has been in a nosedive. As of the morning of April 3, YEG was at VND109,000 ($4.9) per stock, down 55.5 per cent against the time before YouTube’s announcement.
Previously, aiming to calm down shareholders, Yeah1 bought back 600,000 treasury stocks. In addition, chairman Nguyen Anh Nhuong Tong and deputy general financial director Vo Thai Phong registered to buy 150,000 YEG stocks.
Yeah1 Group’s board of directors on March 25 decided to assign Nguyen Ngoc Hung, founder and CEO of Yeah1 Network, and new member Bui Huu Nhat as deputy general director effective from March 18.
In addition, the Board of Directors also appointed Nguyen Van Nam to replace Le Thi Bich Hang as a member of the Internal Control Subcommittee from March 20.