9 foreign funds buy into Vietnam's top mobile retailer
Nine foreign funds have acquired more than 4.4 million shares, or a combined stake of around 3%, in one of Vietnam's biggest mobile retailers - The Gioi Di Dong (Mobile World Group).
The funds, including the US's Chambers Street Global Fund and Thailand's Thanachart Securities Pcl, bought the shares from British Virgins Islands-incorporated CDH Electric Bee Limited, Vietnam Securities Depository reported on April 29.
The deal was reportedly worth around VND334 billion (US$14.8 million) in total.
Electric Bee, which bought nearly 20% of the company in 2013, now owns a stake of 5.27%, following several sales over the years.
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Reports by market research firms and The Gioi Di Dong suggested the company now controls around 30% of Vietnam's mobile retail market with 646 stores around the country.
The retailer, which also runs a chain of 91 home electronics stores and online sale services, reported revenues of more than VND9.6 trillion (US$425.6 million) in the first quarter, an increase of 75% from the same period last year.
Its online sales doubled to VND680 billion (US$30.14 million) in the first three months, or around 7% of the total revenues, according to the company's new data.
In a January report, London-based market research company Euromonitor named The Gioi Di Dong as Vietnam's biggest online retailer with a market share of 10%, local media reported. It was followed by Germany's Rocket Internet with popular e-commerce businesses Lazada and Zalora, and tech giant FPT.
