Chairman of Hoang Anh Gia Lai Group Doan Nguyen Duc has been announced as the richest person on the stock market. The total assets the members of the group have reach nearly $2.6bil.
Chairman of Hoang Anh Gia Lai Group Doan Nguyen Duc (left)Surpassing some 4,000 candidates for the position of champion, Chairman of Hoang Anh Gia Lai Group Doan Nguyen Duc became the richest stock millionaire in 2008 as he is holding VND6,160bil worth of HAG shares.
Starting business as a small workshop in Gia Lai province which specialised in making desks and chairs for students, Duc and his colleagues gradually developed the workshop into a company and then a multi-field group, from specialising in afforestation, woodwork processing, construction materials to real estate development, tourism and football business.
In 2006, Hoang Anh Gia Lai’s chartered capital was VND296bil. Two years ago, the group began listing its shares on the HCM City bourse, and its capital increased by six-fold compared to 2006, to VND1,798bil. The total market capitalisation of Hoang Anh Gia Lai by December 31, 2008 had reached VND11,328bil, or 2.5% of the market’s total scale.
Besides Duc, two other members of Hoang Anh Gia Lai are also named in the top 100 list. His brother ranks 50th with VND143bil worth of HAG, while the deputy general director of the group ranks 100th with assets worth VND54.2bil.
In 2008, one more member of the Saigon Investment Group entered the bourse, SGT, a telecom company, which helped the group’s chairman Dang Thanh Tam have even more listed shares.
However, as the stock market has been falling, the huge volume of shares of Tam (45mil KBC, 7.4mil ITA and 13.86mil SGT) are valued at VND3,280bil only. As the asset value is half as much as in 2007, Tam has yielded the No 1 position to Doan Nguyen Duc, and now ranks third.
Pham Nhat Vuong, a young entrepreneur, still keeps his second position. Vinpearl, the brother of Vincom, has listed 100mil shares on HCM City bourse. With 49mil VIC and 20mil VPL, Vuong now has VND5,225bil worth of shares, an increase of VND1,500bil compared to 2007.
According to local newspaper VnExpress, which initiated the listing of 100 top millionaires, the 2008 list was compiled from information of 310 of the 345 listed companies.
Nearly 4,000 individuals are named in the prospectuses of the above companies; they have the total assets in shares of VND44,359bil, or 3% of GDP. 85% of the assets belong to 100 stock millionaires. Of these, 66 men are holding VND28tril worth of shares, while the remaining assets belong to 34 women.
The top 100 list in 2008 welcomes 16 new members, mostly coming from newly listed companies like Vinpearl, Hoang Anh Gia Lai, Hoa Sen. There are two names from two companies listed before 2008, but have just joined the top 100 list. Only 15 VIP’s have had their assets increase in comparison with 2007. The assets of the other 85 persons have decreased by VND40tril, mostly because of the stock price decreases.
(Source: VNE)
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