VietNamNet Bridge – On July 6-9, Credit Suisse sold 5 million shares of Hoang Anh Gia Lai JSC (HAGL). But this organization does not currently have any representative at HAGL.

Credit Suisse Limited has reported on the change of its ownership at HAGL JSC.

Credit Suisse Limited sold 2 million HAG shares as registered, reducing its ownership from over 72 million shares, representing 9.13% to over 70 million shares, representing 8.87% of outstanding shares of HAGL. The date of change was on July 9, 2015.

Earlier, on July 6 Credit Suisse also announced that it will sell 3 million HAG shares.

From July 6-9, Credit Suisse sold 5 million HAG shares without announcing the reason of the change of the percentage of ownership at HAGL. Currently this organization is not represented at HAGL.

Previously, HAGL Board of Directors agreed to suspend repurchase of HAG treasury stocks under the plan adopted on May 13, 2015.

According to HAGL, in the process of negotiating with bondholders to extend the maturity date of the bonds, the bondholders suggested that the company should use the money to buy treasury shares, together with the bondholders, to invest in its upcoming business plan.

Therefore, the Board of Directors has decided to suspend the purchase of treasury shares. It will also consult with the State Securities Commission about this change.

Mai Nguyen