Several business leaders and their family members are spending big bucks to purchase millions more of their own company shares amid a bear market, seeking to profit more when it recovers.
Bui Cao Nhat Quan, son of NovaGroup chairman Bui Thanh Nhon, has registered to purchase two million NVL shares of property developer Novaland Group to increase his ownership to 83.2 million.
The deal is set to cost him VND150 billion ($6.21 million) at the current NVL price of VND75,000, which has dropped 13.2% in the last four weeks.
His father’s company NovaGroup has also registered to purchase another eight million shares of the subsidiary to increase its stake from 37.02% to 37.4%.
Doan Hoang Anh, daughter of Doan Nguyen Duc, chairman of agriculture company Hoang Anh Gia Lai, has registered to buy one million HAG shares between Oct. 17 and Nov. 11.
The deal is estimated at VND10 billion. HAG has dropped 28% since the last week of September to VND10,000.
If the deal is successful, Anh will own 10 million HAG shares, or a 1.08% stake.
A fund managed by investment firm Dragon Capital has recently bought an additional 1.5 million DXG shares of property developer Dat Xanh Group, increasing the firm’s ownership to 122.4 million shares, or a 20.15% stake.
DXG has been plunging more than 10% in the last three weeks to VND16,500.
Luong Tri Thin, Dat Xanh Group chairman, bought an additional five million DXG shares last month and raised his stake from 18.04% to 18.86%.
Vietnam’s benchmark VN-Index has dropped by more than 29% this year as rising global inflation and intensifying geopolitical tensions concern investors.
It is now hovering around a 20-month low of 1,060 points.
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