Mobile World Chairman’s Shocking Move: What’s Behind the Sudden Share Sell-Off

After selling 2 million MWG shares in June, Mr. Nguyen Duc Tai – Chairman of the Board of Directors of Mobile World Joint Stock Company – continued to sell 1 million more MWG shares to reduce his ownership from 33.4 million shares to 32.4 million shares.

Last week, VN-Index increased by 20.33 points to 1,272.04 points. Similarly, HNX-Index increased by 1.88 points to 234.3 points.

According to statistics on the HoSE floor, foreign investors net bought 25.9 million units, with a total net purchase value of over VND1,223 billion. On the HNX floor, foreign investors have net bought for 5 consecutive sessions with a total volume of 2.39 million units, with a total net purchase value of over VND71 billion.

On the Upcom market, foreign investors net sold 2.55 million units, with a total net selling value of over VND64 billion. Thus, in the trading week from September 16 to 20, on the entire market, foreign investors net bought 25.74 million units, with a total net buying value of nearly VND1,230 billion.

Continue selling

Mr. Nguyen Duc Tai – Chairman of the Board of Directors (BOD) of Mobile World Joint Stock Company (stock code: MWG) – has just sold 1 million MWG shares to reduce his ownership from 33.4 million shares to 32.4 million shares, equivalent to 2.22% of Mobile World’s charter capital; the transaction was conducted from September 9-19. In June, Mr. Tai successfully sold 2 million MWG shares.

Mr. Nguyen Duc Tai has just sold 1 million MWG shares.

In addition to Mr. Tai, Mr. Dang Minh Luom – Member of Mobile World’s Board of Directors – also registered to sell 1 million MWG shares in the period from September 25 to October 24. The transaction is for personal financial needs, through negotiation or order matching. If the transaction is successful, Mr. Luom will reduce his ownership ratio at MWG from 3.2 million to 2.2 million MWG shares.

The Dragon Capital-related fund group has just sold 1.05 million MWG shares of Mobile World Investment Corporation to reduce its ownership to 7.99% of charter capital. Of which, Norges Bank fund sold 500,000 shares, Amersham Industries Limited fund sold 500,000 shares, Hanoi Investments Holdings Limited fund sold 300,000 shares, and Wareham Group Limited fund bought 250,000 shares.

At the end of 2023, when investors questioned the relentless net selling of foreign investors, Mr. Nguyen Duc Tai said that this could stem from doubts about business results, worries about the story of Bach Hoa Xanh breaking even or the recovery of the Mobile World chain.

“Those who have faith will stay calm, believe in the company’s restructuring activities and see this as an opportunity to buy. Those who do not have enough faith in the business can sell,” said Mr. Tai.

Immediately after that, Mr. Nguyen Duc Tai made 2 transactions to buy MWG shares. Specifically, from December 12, 2023 to January 10, 2024, Mr. Tai registered to buy 500,000 shares to increase his ownership to 2.44% of charter capital. However, Mr. Tai was only able to buy 200,000 MWG shares.

In the transaction conducted from November 8 to December 7, 2023, Mr. Tai was only able to buy 110,000 MWG shares out of a total registered 1 million shares, equivalent to a successful purchase rate of 11% of the total registered shares to increase his ownership to 2.41% of charter capital. The reason for not buying all registered shares was given by Mr. Nguyen Duc Tai due to unsuitable market developments.

MWG has completed 61% of its 2024 revenue plan.

In the first 7 months of the year, MWG recorded net revenue of VND76,541 billion, up 15% over the same period. Thus, MWG has completed 61% of its revenue plan. In the first 7 months of the year, the total revenue of the Mobile World and Dien May Xanh chains reached VND51,300 billion, up more than 6% over the same period. Bach Hoa Xanh brought in about VND23,000 billion for MWG, up 40% over the same period.

TDH continues to be forced to pay taxes

Thu Duc Housing Development Corporation (stock code: TDH) has just received a decision from the Ho Chi Minh City Tax Department on enforcing administrative decisions on tax management.

Accordingly, TDH was forced to execute an administrative decision on tax management by withdrawing money from the company’s account with an amount of more than 91 billion VND.

The Ho Chi Minh City Tax Department has repeatedly issued notices of enforcement of administrative decisions on tax management against TDH and the company has also filed a complaint against the Ho Chi Minh City Tax Department’s administrative decisions to the Ho Chi Minh City People’s Court.

However, on September 9, TDH received a decision to postpone the first instance administrative trial from the People’s Court of Ho Chi Minh City with the content of postponing the first instance trial of the administrative case received on June 14.

Kien Giang Construction Investment Consulting Group Joint Stock Company (CIC Group – stock code: CKG) has just sent an official dispatch explaining and reporting on the situation of overcoming the situation of securities being warned and controlled in the third quarter of 2024 to HoSE.

TDH was forced to execute an administrative decision on tax management by withdrawing money from the company’s account with an amount of more than 91 billion VND.

Accordingly, on April 9, HoSE announced the maintenance of control status for CKG shares due to late submission of audited consolidated financial statements for 2023, exceeding 90 days from the end of the fiscal year.

CKG has issued official dispatches explaining and reporting on the situation of overcoming the securities under control. In this explanation, CIC Group said that on April 2, the company fully disclosed the 2023 consolidated financial report and completely overcame the cause according to the April announcement of HoSE.

“To help the company recover production and business soon, create trust among shareholders, investors in the stock market and reassure employees, the company requests HoSE to soon consider approval and decide to remove CKG shares from the warning and control list according to regulations,” stated the CIC Group’s official dispatch.

Duy Quang