Nguyen Duc Thuy, informally known as Boss Thuy, may be added to the list of the 50 richest billionaires in Vietnam after a transfer deal worth trillions of dong made late last week. The extraordinary shareholders' meeting of Thaiholdings of Nguyen Duc Thuy approved a resolution on increasing capital from VND539 billion to VND3.5 trillion to buy 82 percent of shares of Thaigroup, a business also belonging to Thuy that was the holding company of Thaiholdings. Nguyen Duc Thuy, informally known as Boss Thuy Thaiholdings plans to spend VND2.954 trillion to buy 204 million Thaigroup shares at maximum, at the price of VND15,000 per share. With the decision, Thaiholdings and Thai group have swapped the roles of holding company and subsidiary. This is a backdoor listing case implemented by Thaigroup through Thaiholdings as Thaigroup still cannot meet the requirements to list shares as it has incurred an accumulative loss. According to the Hanoi Stock Exchange (HNX), Thuy now holds 10.8 million Thaiholdings shares, or 20 percent. Meanwhile, as announced, Thuy will sell 33.2 percent of Thaigroup shares of 83 million to Thaiholdings at VND15,000 per share. According to the Hanoi Stock Exchange (HNX), Thuy now holds 10.8 million Thaiholdings shares,… Read full this story
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