Shanghai investment finished divesting 7.54% of Cienco4’s capital

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Cienco4’s major shareholder Shanghai Investment Co., Ltd. recently reported selling 8 million C4G shares (equivalent to 7.54% of capital) in the may 18 session. After the transaction, Shanghai Investments reduced its ownership in Cienco4 from 14.13% to 6.59%, equivalent to holding nearly 7 million C4G shares.

Currently, the subject of the agreement buying in the transaction has not been announced. Temporarily based on the average transaction price of C4G in the session of May 18, Shanghai Investment may have collected 78 billion VND from the divestment of 7.54% of Cienco4.

It is known that Mr. Nguyen Tuan Huynh – Vice Chairman of the Board of Directors and General Director of Cienco4, is the brother of the director of Shanghai Investment Company Limited – Mr. Nguyen Tuan Nghi. Mr. Huynh currently holds more than 3.7 million C4G shares, equivalent to the ownership ratio of 3.49%.

The other three major shareholders of Cienco4 as of the end of 2020 are Dung Hung Construction Joint Stock Company (owning rate 10.9%), New Link Joint Stock Company (27.33% ownership) and Co. VNDirect Securities Joint Stock Company (owning rate 8.15%).

In 2021, Cienco4 sets a business plan with a target output value (including VAT) of VND 4,000 billion, total target revenue of VND 3,400 billion, profit after tax of VND 200 billion.

Compared to the implementation level in 2020, the targets set for 2021 are much higher, in which the profit is expected to increase 3 times.

Cienco4 intends to continue paying dividends in 2020 by shares at the rate of 6%, similar to the 2019 profit distribution plan that was just implemented in March.

Accordingly, the number of shares that Cienco4 has issued and registered for additional trading is nearly 6 million units, which are freely transferable and started trading from April 26.

At the end of the first quarter, Cienco4 recorded a net revenue of VND 367.5 billion, profit after tax of VND 22.4 billion, up 53% and 41.7% respectively over the same period in 2020. This result was completed more than 11% of the year’s profit plan.

C4G stock opened April 6 at the price of 10,600 dong. Market capitalization is estimated at more than 1,100 billion VND.

Source: vietnamfinance.vn – Translated by fintel.vn