Ton Poh Fund, an open-end fund managed by Thailand's Ton Poh Capital, has paid $11 million to purchase 1.5 million shares of Mobile World Investment Corp (MWG), a major mobile phone distributor in Viet Nam.

The Vietnam Securities Depository Centre has completed the procedures to transfer share ownership from the two foreign funds, Dempsey Hill Asia Master Fund and CDH Electric Bee Limited, to the Bangkok-based fund.

CDH Electric Bee Limited sold one million shares while Dempsey Hill Asia Master Fund offloaded 500,000 shares.

The deal was estimated at around VND252 billion ($11 million) with the price of VND168,000 ($7.37) per MWG share on the HCM Stock Exchange.

Ton Poh Fund is a major shareholder in other listed companies, including Superdong Fast Ferry Kien Giang (SKG), Coteccons Construction (CTD) and Hoàng Huy Investment Services (HHS).

In a related development, Mekong Enterprise Fund II Ltd has registered to offload one million MWG shares between February 27 and March 28 through the negotiation method. 

The fund is holding eight million MWG shares, equivalent to 5.2 per cent of the group’s capital.

VNS