The Hanoi Stock Exchange (HNX) has announced the results of the auction for shares of CTCP Giầy Thượng Đình (stock code: GTD), owned by the Hanoi People’s Committee. A total of 6.38 million shares were offered starting at 20,500 VND per share. The auction attracted 15 individual investors, with the highest bid reaching 216,000 VND per share, more than 10 times the starting price and over three times the market price before the divestment announcement. The Hanoi government expects to earn approximately 1.379 trillion VND from this divestment. Giầy Thượng Đình, with over 60 years of history, is currently struggling due to competition with international brands. Revenue for 2024 was at 78.8 billion VND, the lowest in 10 years, resulting in a net loss of nearly 13 billion VND. The company owns a 3.6ha land plot at 277 Nguyen Trai, planned for development into a residential, office, service, and school complex, with an expected investment of 1.6 trillion VND to be completed after 2030.
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