Pham Nhat Vuong to Offload $1 Billion in VinFast Shares to US Investment Fund
VinFast (stock symbol on Nasdaq: VFS) has recently announced the signing of an agreement with the YA II PN Fund (Yorkville) regarding the purchase of VFS common shares.
Under this agreement, VinFast will have the right to request Yorkville to purchase up to $1 billion worth of VFS common shares at any point within the 36-month term of the agreement.
VinFast logo at an event in Los Angeles, California (Photo: Vingroup)
Yorkville Advisors is noted to be a US-based investment management fund with over 20 years of experience in investing in publicly traded companies. Their investment criteria focus on the management team, fundamental aspects of businesses, and stock market trading indicators.
In a press release issued, VinFast, represented by Mr. David Mansfield, the Chief Financial Officer of VinFast, stated that the new capital infusion provides the company with flexibility and proactive access to funding to further expand its global business operations and enhance the liquidity of the company’s stocks.
“We will continue to assess optimal sources of capital from the international capital market to support VinFast’s ongoing development,” a representative of the automotive company remarked.
At VinFast, the majority of shares still indirectly belong to Mr. Pham Nhat Vuong.
In the information disclosure, following the merger with Black Spade, VinFast Auto’s total outstanding shares amount to over 2.3 billion shares. Among these, Vingroup owns 51.36%, two investment companies belonging to Mr. Pham Nhat Vuong, namely Vietnam Investment Group Joint Stock Company (VIG), own 33.37%, and Asian Star Trading & Investments Pte. Ltd owns nearly 15%. The remaining shares constitute a small portion held by other shareholders.
At the end of April, Mr. Pham Nhat Vuong announced a donation of up to 24 trillion Vietnamese dong (equivalent to 1 billion USD) to VinFast from his personal assets.
In conjunction with Mr. Vuong, Vingroup Group, founded by Mr. Vuong, also pledged non-refundable sponsorship of up to 12 trillion Vietnamese dong (equivalent to 500 million USD) and extended a loan of up to 24 trillion Vietnamese dong (equivalent to 1 billion USD) to augment resources for VinFast’s global growth objectives.
On the US stock market, VFS shares are currently priced at 5.69 USD per share (closing price on October 19th).
Source: Báo Dân trí | Liên kết
Visit our service | Liên kết
