Coteccons chairman to buy $1.6 mln worth of company shares

The deal, estimated to be worth VND37 billion (US$1.6 million) based on the company’s share price at closing Monday, once complete, will increase his stake from 0.72 percent to 1.6 percent.

Last December he had registered to buy the same number of shares, driving Coteccons’ price up from VND68,000 to VND97,000. He only succeeded in buying 540,000 shares.

It peaked at VND113,600 in early January, but fell by over 50 percent to a two-year low of VND43,000 last week, tracking the bearish market.

One shareholder had said he lost 75 percent of his investment in the company within a month.

Duisenov said investors should focus on the long-term potential of the company and said the construction industry is likely to recover at the end of this year.

Coteccons reported profits of VND29 billion last year on revenues of VND1.91 trillion, down 46 percent and 25 percent from 2020.