Billionaire Pham Nhat Vuong continues to pour nearly 8,400 billion VND into VinSpeed

According to the Ho Chi Minh City Stock Exchange, billionaire Pham Nhat Vuong, Chairman of Vingroup (VIC), completed the transfer of 87.56 million Vingroup (VIC) shares to VinSpeed High-Speed Railway Investment and Development JSC to contribute capital to this enterprise with shares.

These shares account for 2.26% of Vingroup's charter capital and are worth about VND8,360 billion on the transfer date. After the transaction, Mr. Vuong's ownership ratio at Vingroup decreased from nearly 537.5 million shares to 450 million, equivalent to a capital reduction from 13.86% to 11.6%.

Previously, on June 10, Mr. Vuong contributed 48 million VIC shares (VND4,350 billion) to VinSpeed. Thus, up to now, this railway company holds 135.6 million shares of Vingroup, equivalent to about VND12,750 billion, equivalent to 3.5% of capital.

Billionaire Pham Nhat Vuong continues to pour nearly 8,400 billion into VinSpeed.

Billionaire Pham Nhat Vuong continues to pour nearly 8,400 billion into VinSpeed.

Recently, Vingroup's VIC stock has increased sharply, from 58,000 VND/share to over 90,000 VND/share as at present, equivalent to an increase of more than 55%. Vingroup currently has a capitalization of nearly 351 trillion VND (equivalent to more than 13 billion USD).

According to Forbes, as of July 4, Mr. Pham Nhat Vuong had assets worth 10.1 billion USD, ranked 290th in the world .

Mr. Vuong is Chairman of the Board of Directors and General Director of VinSpeed.

VinSpeed High-Speed Railway Investment and Development JSC was established in May to register to invest in the North-South high-speed railway project. The project has a total investment of about 61 billion USD, not including compensation, relocation and resettlement costs for site clearance.

VinSpeed said it will be responsible for arranging 20% of the project's total investment capital, equivalent to about 12 billion USD.

For the remaining 80% (excluding compensation costs, relocation support, and resettlement for site clearance), VinSpeed proposes to borrow State capital without interest for 35 years from the date of disbursement.

Not only contributing assets to VinSpeed, on June 17, Chairman Pham Nhat Vuong also transferred ownership of 70.65 million VIC shares to VinEnergo Energy Joint Stock Company.

After the transaction, Mr. Vuong reduced the number of shares he held from 608.1 million units to 537.5 million units. The ownership ratio decreased accordingly from 15.68% to 13.86%.

Source: https://vtcnews.vn/ty-phu-pham-nhat-vuong-tiep-tuc-rot-gan-8-400-ty-dong-vao-vinspeed-ar952958.html