Mobile World head one of VN's 10 richest investors
Mobile World Investment Corporation general director, Nguyen Duc Tai, skyrocketed onto the list of the top 10 richest people on Vietnam's stockmarket after the company's market capitalisation rose to almost VND11 trillion (US$521.3 million) and its shares hit VND175,000 (US$8.30) a share.
Tai currently holds more than 10.4 million MWG shares, or 16.4% of the company's total capital, worth VND1.8 trillion (US$85.3 million). With this asset, Tai ranks eighth on the list of the top 10 richest people on the stockmarket.
Apart from Tai, MGW's impressive growth made four other executives – Tran Le Quan, Dinh Anh Huan, Tran Huy Thanh Tung and Dieu Chinh Hai Trieu – advance among the top 50 wealthiest people on the Vietnamese stockmarket.
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Quan, a member of the management board, has VND1.3 trillion (US$61.6 million), sitting on number 12 on the list.
Trieu and Huan own assets worth more than VND400 billion (US$19 million).
Currently, MWG's internal shareholders and related people are holding nearly half of MWG's capital. Other major shareholders are CDH Electric Bee (15.8%) and Mekong Capital (14.3%).
Price of MWG has more than doubled since it first debuted July 14, shooting up from VND81,500 (US$3.86) a share to VND175,000 (US$8.30) a share on September 22. It continued to VND178,000 (US$8.44) on September 24 before falling to VND173,000 ($8.20) a share by the end of the session.
By the end of last week, the company reported a total revenue of VND9.57 trillion (US$453.6 million) and a net profit of VND423 billion (US$20 million) in the first eight months of this year, equivalent to 73% and 97% of its yearly targets, respectively.
The Gioi Di Dong (Mobile World), a chain of mobile phone stores, is expanding rapidly, opening a store every two days. It now has 260 stores nationwide.