Pharbaco leaders simultaneously sold capital

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Accordingly, the major shareholder of Saigon Pharma Joint Stock Company of the Deputy General Director, member of the Board of Directors of PBC Nguyen Van Quang successfully sold 9,350,000 shares of PBC on October 7. Thus, Saigon Pharma has reduced its ownership ratio from 25,000,000 shares of PBC, equivalent to 27.8% of capital, to 15,650,000 shares, equivalent to 17.4% of capital.

Also on October 7, the biggest shareholder of PBC, Appollo Joint Stock Company, finished selling 750,000 shares, reducing its ownership rate from 38.7% to 37.9% of capital. It is known that Appollo’s General Director is Mr. Ngo Nhat Phuong, who is holding the position of Chairman of PBC’s Board of Directors.

Similarly, Huy Cuong Pharmaceutical Co., Ltd., a shareholder holding 3.9% of PBC’s capital, successfully “exited” 3.5 million shares on October 7. Mr. Nguyen Phuc Thuan is both the Pharmaceutical Director of Huy Cuong and a member of the Board of Directors of PBC.

This move took place not long after Pharbaco successfully issued 50 million private shares in September, thereby officially raising its charter capital to VND 900 billion, becoming the second largest enterprise with capital in the pharmaceutical industry after DHG Pharmaceutical Joint Stock Company (HoSE: DHG).

The representative of Pharbaco said that the capital collected from the above offering was to clear debts with creditors to mobilize equity capital, restructure capital sources, reduce debt and make the financial situation healthy.

In the first half of 2020, Pharbaco recorded revenue at 376 billion VND, down 22% compared to the same period last year. However, the company earned 6.8 billion dong of net profit, up many times compared to the actual figure reached the same period in 2019 (392 million dong).

As of June 30, 2020, Pharbaco’s total assets reached nearly VND 2,067 billion, up 10% from the beginning of the year, of which equity decreased slightly to VND 478.6 billion.

In 2020, Pharbaco plans to achieve revenue and pre-tax profit of VND 1,000 billion and VND 20 billion, respectively, with growth of 1% and 42.8% respectively compared to 2019.

On the market, PBC’s stock price is trading around 16,600 VND / share, down 18% compared to the beginning of 2020 with the average liquidity of 440 shares / session.

Entrepreneur Ngo Nhat Phuong attracted a lot of attention from the press in the period of September 2019, because he was present in the trial of the fake cancer drug VN Pharma as a person with related rights and obligations.

When he was in court, Mr. Phuong repeatedly affirmed that the H-Capita cancer drug batch was not fake and was manufactured in India, and provided many important documents to support this point.

The People’s Procuracy of Ho Chi Minh City at that time said that the documents that Mr. Phuong held were previously collected by the Ministry of Public Security and identified signs of the crime of revealing state secrets because he left the individual without authority the right to have confidential information.

Ho Chi Minh City People’s Control Institute has asked the court of the same level to consider and propose an investigation related to Mr. Phuong, but on April 13, 2020, the Department of Security and Investigation of the Ministry of Public Security issued a document notice sent to the People’s Control Institute of Ho Chi Minh City about not prosecuting a criminal case for this petition of the hospital.

Source: vietnamfinance.vn – Translated by fintel.vn