By the end of Tuesday’s morning session, MCH shares of Masan Consumer Corporation, Masan Group’s retail subsidiary, surged 7.5 percent compared to its opening price of VND76,000 ($3.30).
At one point, the stock hit a peak of VND83,800 ($3.64), but settled at VND80,000 ($3.50) by the end of the morning session. Over 130,000 shares changed hands, around four times the average liquidity of the stock in the past month.
In the previous two sessions, MCH shares had seen no change in price. The stock closed last Friday, the last session of November, at VND70,600 ($3.07), having shed nearly 5 percent compared to the beginning of the month.
Meanwhile, VIC shares of Vingroup remained at the opening price of VND115,000 ($4.99), while MSN shares of Masan Group shed 1 percent, to VND68,300($2.97) which made it one of the biggest losing stocks on HoSE this morning.
The price movements followed an announcement by Vingroup Tuesday morning, saying it had reached a deal with Masan to merge their retail subsidiaries to form a new company.
According to the statement, the merger will involve three companies: VinCommerce (which owns VinMart supermarkets, VinMart+ convenience stores and e-commerce site Adayroi), VinEco (an agriculture unit of Vingroup), and Masan Consumer Corporation, a consumer goods producer of food giant Masan.
The new company will control over 2,600 supermarkets and convenience stores in 50 provinces as also 14 VinEco high-tech farms.
By the end of Tuesday’s afternoon session, MCH shares lessened its gains to 3.5 percent, MSN plunged 7 percent and VIC shares remained at opening price.