Tuesday , February 27 2024

Mobile World chairman buys only 11% of registered share purchase

Mobile World Group chairman Nguyen Duc Tai bought only 11% of the one million MWG shares he has registered to purchase due to “unfavorable market conditions.”

Tai bought 110,000 MWG shares between Nov. 8 and Dec. 7, during which a share averaged VND39,841. He is estimated to have spent VND4.4 billion on them.

The purchase increased his ownership in the company to 2.408%.

In early November Tai registered to buy one million shares of his own company after foreign investors repeatedly dumped the stock. Investment fund Dragon Capital, for example, had net sold over 4.1 million MWG shares.

Tai, however, has yet to give up on his plan. He has now registered to buy 500,000 more shares from Dec. 12 to Jan. 10.

He told shareholders last month that his cash reserve was ready to make the purchase but did not make the transaction due to being busy with work.

November marked the six month in a row that foreign investors had dumped MWG, having sold 76 million shares net through order-matching.

The stock has plunged 30% since early September.

The fact that foreign investors are net selling, however, can be an opportunity for others, Tai said.

Any company can go through tough times, and this is when investors’ trust is tested, he said, adding that those who believe in Mobile World should take this opportunity to buy more.

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