Hoang Thi Yen, Mr. Cuong's sister-in-law, announced the transaction plan to the Ho Chi Minh Stock Exchange (HoSE) on 8/10. The deal is expected to run from next thursday until mid-november. Ms. Yen aims to increase her ownership from 0.01% to 3.71%.
This announcement came as Kosy Joint Stock Company shares extended a 16-session losing streak, with the last 14 sessions hitting their daily lower limits. The stock closed yesterday's session at 11,100 dong, down 67% from a month ago, and marking its lowest level since listing on the Ho Chi Minh Stock Exchange.
At this price, Ms. Yen could spend approximately 89 billion dong to acquire the registered shares.
A successful transaction could help KOS escape its prolonged illiquidity. Recently, only a few thousand to tens of thousands of shares traded per session, while sell orders consistently ranged from 34-37 million shares. Notably, on the 8/10 session, nearly 54 million shares, representing almost 25% of the company's capital, were offered at the floor price.
The sharp correction has put Nguyen Viet Cuong under forced selling pressure from several securities firms. Since mid-september, many entities, including KIS, UPSC, Dai Viet (DVSC), and Nhat Viet (VFS), announced plans to liquidate shares owned by him and related businesses to recover debts. However, only a trickle of orders were matched due to a lack of buyers. Most recently, LPBS plans to liquidate 250,000 shares starting today.
Kosy Joint Stock Company, a member of Kosy Group, primarily operates in real estate. Other group members focus on renewable energy development, including hydropower, wind power, and solar power. The company currently has a charter capital of over 2,160 billion dong and a market capitalization of approximately 2,400 billion dong.
According to Kosy management, the simultaneous liquidation of collateral at several securities firms created significant selling pressure in the market. This led to shares continuously hitting floor prices. Additionally, KOS's decline was attributed to the stock market's inertial decline, putting pressure on investors.
The company stated that its core business operations, including real estate and renewable energy, remain normal. According to the company, no internal corporate abnormalities are affecting the share price.
Phuong Dong
