Smart & Green Trans Limited (SGT), a company incorporated in Hong Kong, now holds about 36.17 percent of GSM VN Holding, which is affiliated with Vietnam’s ride-hailing service GSM.
Hanoi-registered GSM VN Holding was set up in March by the family of Vingroup chairman Pham Nhat Vuong and Vingroup. A filing of GSM VN Holding with Vietnam’s National Business Registration Portal dated October 20 shows its charter capital went up to VND53,892 billion ($2.05 billion).
SGT put in no new money, its holding stayed at VND19,490.94 billion. As a result, its stake fell from 45 percent to 36.17 percent. Domestic capital rose to VND34,401 billion, or about 63.8 percent of the total.
At its foundation, GSM VN Holding is expected to help the listing of GSM, the ride-hailing service utilizing only VinFast electric vehicles. VinFast is owned by Vingroup founder Pham Nhat Vuong.
Also in October, Vietnam’s stock broker VNDIRECT reported that GSM’s management confirmed a Hong Kong IPO, without any detail on the timeline.