VnExpress News The News Gateway of Vietnam
Vinhomes shares rose to VND37,200 (US$1.48) Wednesday morning after the company announced a plan to repurchase 370 million shares.
VHM surged 7% when the trading session began and was up 6.9% at 2:25 p.m.
The property unit of Vietnam’s biggest private conglomerate Vingroup now has a market cap of VND162 trillion.
Its board of directors on Wednesday announced a plan to buy back 370 million shares on the market, or an 8.5% stake, either by matching orders or agreement.
The deal is subject to approval from the State Securities Commission of Vietnam.
VHM has plunged by half from VND60,000 in August last year to around VND34,000, the lowest level since being listed.
It has a book value of VND47,400.
Vinhomes recorded a post-tax profit of VND10.6 trillion in the second quarter, up 10% year-on-year.
Shares of Vingroup rose 2.5% Wednesday morning while those of its retail real estate arm Vincom Retail went up 6%.
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