Vinhomes announced the repurchase of 370 million treasury shares

Vinhomes Joint Stock Company (stock code: VHM) has just announced information related to the Board of Directors (BOD) issuing a resolution on the repurchase of the company's issued shares.

Accordingly, the company plans to buy back a maximum of about 370 million shares, accounting for 8.5% of the total outstanding shares. The purpose is because the market price of VHM shares is lower than the real value of the company. The buyback is to ensure the interests of the company and shareholders.

As of 10:30 a.m. on August 7, VHM stock price increased to the ceiling of VND37,050/share, upon receiving information about buying treasury stocks.

The strong increase this morning has cut the downward trend of this stock over the past several months. Since mid-April, VHM stock price has dropped sharply from 44,000 VND to around 34,000 VND/share.

Vinhomes công bố mua lại 370 triệu cổ phiếu quỹ- Ảnh 1. — Vinhomes' consolidated profit after tax reached VND11,513 billion in the first half of this year.

With the current price of VHM shares, Vinhomes will need more than VND 13,000 billion to buy back these shares. The transaction method is based on order matching price or agreement through a securities company, in accordance with the provisions of law.

Expected time to buy back shares after the State Securities Commission accepts the company's share buyback registration dossier and the company has made public information about the share buyback according to regulations.

Vinhomes announced the repurchase of treasury shares in the context of the company's positive business results report for the first 6 months of the year. Vinhomes' total consolidated net revenue for the first 6 months of the year reached VND36,429 billion. Consolidated profit after tax was VND11,513 billion, with the main contribution from recording large-lot sales transactions at the Vinhomes Royal Island project and continuing to hand over existing projects.

With sales reaching VND 51,710 billion in the first 6 months of the year and unrecorded sales reaching VND 118,660 billion at the end of the second quarter of 2024, Vinhomes is confident in completing the announced business plan for 2024 when key mega-projects such as Vinhomes Ocean Park 3, Vinhomes Royal Island, ... are handed over to customers.