Mr. Nguyen Duc Tai sold 2 million Mobile World shares.

The head of the Mobile World Board of Directors sold all registered shares in 2 weeks, estimated to earn nearly 126 billion VND.

In a notice sent to the Ho Chi Minh City Stock Exchange, Mr. Nguyen Duc Tai, Chairman of the Board of Directors of Mobile World Investment Corporation (stock code: MWG) said that he had sold 2 million MWG shares between June 7 and June 19. The transaction ended half a month earlier than expected. These shares were executed by order matching method.

Based on the closing price of the last trading session of 63,300 VND, Mr. Tai received about 126.6 billion VND from this divestment deal. After the transaction, Mr. Tai's ownership ratio at Mobile World decreased to 2.287%, equivalent to more than 33.4 million shares.

Previously, the head of Mobile World said the purpose of selling 2 million shares was due to "personal financial needs". At the time Mr. Tai registered to sell, MWG shares were on a strong upward trend and at one point reached the price of 64,000 VND, an increase of about 50% compared to the price of 42,500 VND at the beginning of the year. Immediately after the leader's divestment information, this stock immediately adjusted and is currently fluctuating strongly at the price of 62,000 VND.

Mr. Tai's sale of shares was made before Mobile World closed the shareholder list to pay 2023 cash dividends at a rate of 5%. The company plans to pay VND730 billion in dividends on July 10.

On the stock exchange, MWG shares fell about 1% this morning to VND62,700. The market capitalization of the leading retail enterprise is about VND91,700 billion.

Regarding stocks, at the annual meeting in April, Mobile World approved a plan to use up to VND 100 billion to buy back outstanding shares, reduce charter capital, and reduce the number of outstanding shares, expected to be implemented in 2024. The company authorized the Board of Directors to decide the timing, purchase price... in accordance with legal regulations and market conditions.

Explaining the stock buyback, Mr. Nguyen Duc Tai shared: “Buying treasury stocks is to increase ownership ratio, increase value for shareholders, not to push up stock prices. Whether the price fluctuates high or low, we will still do it. For example, this year, if we earn 2,400 billion VND in profit, we will use about 20% to buy stocks worth 500 billion VND, regardless of how the stock price increases next year.”

This year, Mobile World plans to have a revenue of VND125,000 billion, an increase of 6% over the same period, and an expected profit after tax of VND2,400 billion, an increase of 13.29 times compared to the actual performance in 2023. Mobile World's Board of Directors said earlier this year that the important orientation for 2024 is to comprehensively restructure in the direction of "reducing quantity, increasing quality" to strengthen internal strength, ready to break through for a period of sustainable growth.

In the first quarter, the company recorded revenue of VND31,486 billion, an increase of more than 16% over the same period, while after-tax profit increased 41.4 times to nearly VND903 billion.

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Source: https://baodautu.vn/ong-nguyen-duc-tai-ban-xong-2-trieu-co-phieu-the-gioi-di-dong-d218083.html