Mekong fund sells 2.7 million Mobile World shares

Mekong fund sells 2.7 million Mobile World shares

A Mobile World store. Mekong Enterprise Fund II (MEF II) is registered to sell more than  二. 七 million shares of investment corporation Mobile World. - Photo brandsvietnam.com

HÀ NỘI — Mekong Enterprise Fund II (MEF II) registered to sell more than  二. 七 million shares of investment corporation Mobile World, in a context that prices of the shares have reached the highest level ever.

Nhịp cầu Đầu tư (Investment Bridge) online reported that the US$ 五0 million growth capital private equity fund, managed by Mekong Capital, will carry out the put-through transactions within nearly a month beginning today.

MEF II currently holds  九. 二 四 per cent of Mobile World’s equity, and this stake will fall to  七. 三 九 per cent if the transactions are successful.

Shares of Mobile World closed down three points at VNĐ 一 五 一,000 ($ 六. 七) per share yesterday on the HCM City Stock Exchange, after reaching a record high of VNĐ 一 五 四,000 per share on Wednesday.

MEF II began investing in Mobile World in  二00 七, when Mobile World’s share prices were around VNĐ 三, 九00 per share.

If the prices continue to hover around Wednesday’s peak, MEF II will collect around VNĐ 四 一 五. 八 billion from the share sales. This means the fund will gain a profit  四0 times higher than its initial investments.

MEF II already sold  二. 五 million shares of Mobile World early last month, when Mobile World’s share prices reached some VNĐ 一 三0,000 per share. It gained about VNĐ 三 二 五 billion from this transaction.

Established in  二00 一, Mekong Capital is a Việt Nam-focused private equity firm, whose investee companies are in consumer-driven sectors such as retail, restaurants, consumer products and distribution.

Mobile World runs two retailing chains, including mobile devices chain thegioididong.com and consumer electronics chain dienmay.com.

The company announced on its website that it planned to reach about VNĐ 三 四. 一 七 trillion in revenues this year, an increase of  二 六 per cent over last year.

It projected an after-tax profit of about VNĐ 一. 三 九 trillion for  二0 一 六, a year-on-year increase of  二 三 per cent. — VNS