Mobile World (MWG): Chairman Nguyen Duc Tai not buying all registered shares

Mr. Nguyen Duc Tai, Chairman of the Board of Directors of Mobile World Investment Joint Stock Company (HoSE:HM:), did not purchase all registered shares due to inappropriate market developments. Mr. Nguyen Duc Tai, Chairman of the Board of Directors of Mobile World Investment Joint Stock Company (ticker: MWG), has just made a transaction to purchase 200,000 shares of the 500,000 shares previously registered. The acquisition success rate reached 40%, and the proportion of registered capital increased from 2.41% to 2.42%. The transaction will take place between December 12, 2023 and January 10, 2024.

The reason Mr. Tai gave for not buying all registered shares was that the market was not developing properly.

Between November 8 and December 7, 2023, Mr. Dai purchased 110,000 MWG shares out of 1 million registered shares, with a successful purchase rate of 11%. His ownership increased from 2.4% of the registered capital to 2.41%. The reasons for not buying all registered shares are similar to those just announced.

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MWG stock experienced a recovery period from November 1, 2023 to January 10, 2024, rising 20.4% from VND 35,100/share to VND 42,250/share. However, compared with September 13, 2023, MWG has reduced its market price by 26.5%.

In terms of performance, on December 25, 2023, MWG announced its revenue for November 2023 and its performance for the first 11 months of this year. In November 2023, revenue reached VND9.9 trillion, which was equivalent to the same period last year. Total revenue in 11 months reached VND107,954 billion, a year-on-year decrease of 13%. The company has completed 80% of its 2023 revenue plan of VND135 trillion.

For the Mobile World and Dien May Xanh chains, revenue fell in November 2023 as demand for iPhones cooled after the launch of new products, which is also a trough period for the electronics industry.

The Bach Hoa Xanh chain’s revenue in November 2023 was VND3 trillion, a year-on-year increase of 35%, and the average revenue per store was VND1.75 billion. The chain’s cumulative revenue in 11 months reached VND28.4 trillion, an increase of 16% over the same period last year.

In the first 11 months of 2023, the two chains’ revenue was VND76.7 trillion, a 21% decrease from the same period last year.

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