19th Aug 2015 10:11
LONDON (Alliance News) - VietNam Holding Ltd on Wednesday said its net asset value per share and share price both increased in its last financial year.
The investment company said its NAV per share was USD2.093 at the end of June, up 9.0% from USD1.921 a year before. Its share price increased by 23.3% to USD1.803 in the year ended June 30. The Vietnam All Share Index, the benchmark the company uses for reference, increased in dollar terms by 1.4% for the full 12-month period ending the financial year at 575.4 points.
Min Kupfer, chairperson of VNH, said: "Our efforts to reduce the discount of the share price to NAV per share saw further progress, with the discount ending the financial year at 13.0%, down from 23.9% at its start.
The company bought back 3.4 million shares during the year, bringing its total shares outstanding at the end of June to 59.42 million, plus 7.8 million treasury shares.
Jean-Christophe Ganz, chairman of VietNam Holding Asset Management Ltd, said: "The ongoing actions to increase the foreign ownership limits on shares of public companies are likely to become a catalyst for Vietnam's graduation from frontier to emerging market status in the MSCI indices."
"This is in fact one of the government's stated objectives. Previous cases of countries ascending to the emerging stock market status have resulted in increased inward flows of foreign indirect investments, which in turn helped companies to raise the additional capital needed to support higher growth," Ganz added.
Vietnam Holding shares were down 3.0% at USD1.77 late Wednesday morning.
By Samuel Agini; [email protected]; @samuelagini
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