Mr. Pham Nhat Vuong’s own company – the operator of Xanh SM and Xanh SM Bike – received a capital contribution of more than 297 billion VND from Vingroup, equivalent to 5% of charter capital.
The Board of Directors (BOD) of Vingroup (stock code: VIC) has just issued a resolution approving Vingroup’s capital contribution to GSM Smart and Green Mobility Joint Stock Company. Specifically, Vingroup will contribute VND 297.4 billion to GSM, equivalent to 5% of the company’s charter capital.
Previously, in March, Mr. Pham Nhat Vuong – Chairman of Vingroup’s Board of Directors – also transferred ownership of nearly 50.8 million VIC shares (equivalent to 1.31% of Vingroup’s charter capital) owned personally to contribute capital into GSM. The transaction was carried out on March 21 through the Vietnam Securities Depository (VSD).
Pham Nhat Vuong’s capital contribution to GSM is valued at VND 2,850 billion, determined by the 50-session average price of VIC shares as of March 25 and is equivalent to 95% of GSM’s charter capital of VND 3,000 billion.
After the above transaction, Mr. Vuong’s ownership in Vingroup decreased from 19.18% (equivalent to more than 742 million VIC shares) to 17.87% (equivalent to more than 691.2 VIC shares). At the same time, GSM owns 1.31% of Vingroup’s charter capital.
GSM is Mr. Pham Nhat Vuong’s own company, founded by Mr. Vuong in early March. This company operates in 2 main business segments: car rental – electric motorbike and electric taxi, following the model of transportation service. green complex load, first deployed in the world.
After its establishment, this company in turn launched the SM Xanh taxi company (pure electric taxi) and recently, the transportation service by green electric motorbike SM Bike. GSM transport vehicles manufactured by VinFast.
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Source: Vietnam Insider