Him Lam Land Corporation has bought 67.7 million shares at Development Investment Construction JSC (DIC Corp) for a nearly 21.5 per cent stake.
The shares were transferred in put-through transactions on Wednesday. Him Lam Land previously had no shares in DIC Corp.
DIC Corp also saw another 66 million shares sold via put-through transactions on the same day.
The identity of the buyers remains unknown.
DIC Corp shares, listed on the Hồ Chí Minh Stock Exchange (HoSE) with code DIG, soared 6.9 per cent on Wednesday.
The company’s shares jumped 3.1 per cent to VNĐ26,500 (US$1.15) apiece on Friday, having gained nearly 26.2 per cent in six consecutive days since November 27 and nearly 74 per cent since September 30.
The share purchase was done after the two sides failed to reach a partnership agreement to implement a real estate project worth VNĐ10 trillion ($433.6 million) in Ba Rịa-Vũng Tau Province.
DIC Corp shareholders at an extraordinary meeting in September rejected a business plan that would have allowed the two companies to co-operate.
The partnership was expected to bring DIC Corp a large amount of cash to implement the Bắc Vũng Tau Urban Area project.
Under the plan, DIC Corp and Him Lam Land would have created a joint venture with VNĐ700 billion of charter capital, with DIC Corp owning 65 per cent of the joint venture.
Some major shareholders have recently put DIC Corp shares up for sale. VietCapital Securities wants to sell 30 million shares between November 26 and December 25.
Taekwang Vina in October offloaded more than 28 million shares at DIC Corp and was no longer a major shareholder.
DIC Corp has recently decided to sell 8.26 million treasury shares to raise funding for its business activities in December.
In January-September, DIC Corp posted a 44.9 per cent year-on-year increase in total net revenue to VNĐ1.87 trillion.
Pre-tax and post-tax profits in the nine-month period jumped 40.5 per cent year-on-year each to VNĐ172 billion and VNĐ131.2 billion, respectively. — VNS
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