Finland fund raises DLG stake

Hanoi (VNA) - Finland's PYN Elite Fund (Non-Ucits) this week bought more than 3.66 million shares of Duc Long Gia Lai Group JSC (DLG), increasing its holding to over 17.2 shares, a 10.18 percent stake.

According to the HCM Stock Exchange (HOSE), after the transaction, PYN Elite has become the third-largest shareholder of DLG, which specialises in construction and real estate development in the central region of Vietnam. The largest shareholder of the company is its Chairman Bui Phap and the second-largest shareholder is AnsenHoldco Limited.

Established in 2007 in the Central Highland Gia Lai Province, DLG works in the construction and interior production sectors. The company earned 533.9 billion VND (23.67 million USD) in revenue and 13.1 billion VND (580,931 USD) in before-tax profit in Q3, 2015.

Also in this week, the fund increased its shares in Hoang Huy Investment Services Joint Stock Company (HHS) from 11.23 million to 26.71 million shares, equal to a 11.46 percent stake, becoming the second-largest shareholder in Hoang Huy after Chairman Do Huu Ha.

HHS is the largest listed auto company, with market capitalisation of more than 2.58 trillion VND (115.21 million USD).

The Hai Phong-based HHS also has three associate companies working in the construction and real estate sectors. In the first nine months of 2015, HHS achieved total sales worth 2.8 trillion VND (125 million USD), while its net profit touched almost 417 billion VND (18.6 million USD), a rise of 228 percent and 521 percent, respectively, over the same period last year.

According to Bloomberg.com, Elite is an open-end fund incorporated in Finland. The fund's objective is significant value increases through active portfolio management, with focus on select companies and markets.

Seeking a higher return than equity funds with diversified global portfolios, the fund invests currently in Southeast Asia, with the main focus being Chinese and Vietnamese equity securities.-VNA