Australia’s Macquarie Bank has become a major shareholder in DFJ VinaCapital-backed entertainment group Yeah1 following the company’s listing debut at a record price of VND300,000 ($13.1) apiece.
In a disclosure on Ho Chi Minh City Stock Exchange, Macquarie Bank purchased over 1.572 million shares, equivalent to 5.74 per cent of Yeah1’s charter capital, becoming a major shareholder in the Vietnamese entertainment group.
Along with Macquarie Bank, Yeah1 has two other major shareholders – Ancla Asset Limited (12.49%), DFJ VinaCapital Venture Investment Ltd (7.14%) – and two individuals including Nguyen Anh Nhuong Tong, Chairman of the board of directors and the group’s CEO Dao Phuc Tri.
DFJ VinaCapital, a venture fund of Vietnam’s leading asset manager VinaCapital, earlier owned 35.71 per cent stake in Yeah1. But it is believed that the fund withdrew 7.82 million shares before YEG’s listing debut, and has decreased its ownership to 7.14 per cent.
In June, Yeah1 traded on Ho Chi Minh City Stock Exchange on June 26 at the reference price of VND250,000 ($11).
At the price which is considered the highest reference price ever in Vietnam’s stock exchange, Yeah1’s market capitalization is pegged at approximately VND6.8 trillion ($298 million). At the end of trading day, YEG shares made a record with an increase to VND300,000 ($13.1) apiece, raising the market capitalization of this entertainment business to VND8.2 trillion ($352.6 million).
Yeah1 runs a series of entertainment channels including the Yeah1TV, Yeah1family, Imovietv, and SCTV2, with nine subsidiaries and four indirect subsidiaries including Yeah1 Vietnam Co., Netlink Online Corporation, and TNT Media Advertising.
Last year, Yeah1 posted revenue of VND 851 billion ($37.2 million), after-tax profit of VND82 billion ($3.6 million), up 50 per cent year-on-year.