Foreign shareholders struggle to divest from Vinasun

After selling 1 million VNS shares, the foreign investment fund, a major shareholder of Vinasun, continued to register to sell all of the shares it owns.

Tael Two Partners has just sold 1 million VNS shares of Vietnam Sun Corporation (Vinasun) from October 30, 2024 to November 8, 2024.

Before the transaction, Tael Two Partners held more than 7.4 million shares, equivalent to 10.97% of Vinasun's capital. After selling 1 million shares, this ownership ratio decreased to 9.49%.

The transaction is carried out via order matching method. After the above transaction, Tael Two Partners continues to register to sell all remaining VNS shares in the period from November 15, 2024 to December 13, 2024.

Currently, VNS shares are also at the bottom of the past 2 years, trading around 10,000 VND/share. VNS liquidity in the market is quite low, mostly only trading a few thousand shares per session.

VNS stock price movements on the stock market.

In fact, since the beginning of the year, Tael Two Partners has continuously sold VNS shares, reducing its ownership ratio from over 18% at the beginning of the year to over 9% at the current level, showing signs of wanting to withdraw investment capital from this taxi company. This investment fund has also experienced many unsuccessful divestments due to low liquidity of VNS in the market.

Tael Two Partners Ltd. is a member of TAEL Partners - an investment management company established in 2007, headquartered in Singapore. Tael Two Partners invested in Vinasun in 2013 after Vinasun issued individual shares to this foreign investment fund to increase capital. Since then, Tael Two Partners has been associated with Vinasun for more than 10 years.

The withdrawal of capital from Vinasun by the sole major foreign shareholder comes amid a worsening health of the business.

After a period of prosperity, the participation of competitors, especially from technology car companies, has caused the leading traditional taxi company in the Southern region to continuously decline in revenue and profit. The company has also been forced to reduce its human resources and system size.

In the third quarter of 2024, VNS's consolidated profit after tax continued to decrease (-36.1%) compared to the same period last year, with profit reaching VND 20.9 billion.

Accumulated in the first 9 months of 2024, Vinasun achieved VND 778 billion in net revenue and VND 59.9 billion in profit after tax, down 17% and 52% respectively over the same period last year.

The number of employees also continued to decrease from 1,847 people at the beginning of the year to 1,655 people by the end of the third quarter of 2024.

Source: https://baodautu.vn/co-dong-ngoai-chat-vat-thoai-von-khoi-vinasun-d230260.html