Rang Dong Holding chairman wants to sell 5 million RDP shares

Among the recent developments in RDP (HM:) stock, Mr. He Delin, chairman of the board of directors, registered the sale of 5 million shares of RDP stock to adjust the investment portfolio. In the latest announcement, Rang Dong Holding Joint Stock Company (HoSE: RDP) announced the cancellation of its 2024 extraordinary general meeting of shareholders originally scheduled for January 26. The reason for this decision is to give the Board more time to complete the content of the document and prepare for this event. The list of shareholders registered to attend the meeting has also been canceled on December 28, 2023.

Regarding the recent developments of RDP shares, Mr. He Delin, chairman of the board of directors, registered the sale of 5 million RDP shares to adjust the investment portfolio. The transaction is expected to take place between January 8 and February 6, 2024. If successful, Mr. Lin’s shareholding will be reduced to less than 17 million shares, equivalent to 34.85% of capital. Based on the latest closing price, the transaction volume is expected to exceed VND46 billion.

Previously, Mr. Lin successfully sold 2.5 million RDP shares in August 2023, reducing his shareholding to less than 22 million shares.

At the same time, Mr. Do Minh Luan, the chief accountant of Rang Dong Holdings, just completed the sale of nearly 46,000 RDP shares at the end of 2023 and is no longer an RDP shareholder.

In terms of business activities, in the first nine months of 2023, Rang Dong Holding recorded net income of VND 1,971 billion, a year-on-year decrease of 5%. However, thanks to fiscal revenue that was nearly 20 times higher than the same period, reaching 39 billion VND (mainly other profits), Rang Dong Holdings’ after-tax profit exceeded 41 billion VND, an increase of nearly 2 times year-on-year.

On the market, as of the trading day on January 5, RDP’s stock price reached VND9,200 per share, up 38% from the beginning of 2023, but down 23% from the short-term peak in October 2023.

The period of strong growth for RDP stock is related to the plan to issue 30 million shares to existing shareholders at a price of VND10,000 per share, which is expected to be implemented from the fourth quarter of 2023 to the second quarter of 2024. The plan will help the company mobilize about VND300 billion to repay loans from BIDV Bank (HM: HMS) and Kasikornbank Public Bank Ltd.

The list of investors who purchased Rang Dong Holding’s private placement has been announced, including 5 individuals. Among them, Mr. Ho Duc Lam registered the most purchases, purchasing 17 million shares, and the remaining 4 individuals purchased 1.5 million to 3.85 million shares.

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