The Carina Plaza apartment fire, which killed 13 people, had a strong impact on the stock price of its alleged investor and in the long run, the business prospects for the company's projects are doubtful and unpredictable this year.
Although the Nam Bay Bay Investment Joint Stock Company denied being the investor of the Carina Plaza apartment, investors still reacted negatively to its stock.
By the end of yesterday, Nam Bay Bay shares (NBB) continued to hit the floor price at $0.9 per share with the total of 2,310 shares traded. There was no buyers during the morning session while 590.000 shares were expected to sell.
This is the third consecutive fall of NBB shares since the Carina Plaza fire.
In 2017, the price of the NBB shares rose by 35 per cent with an average trading volume of just over 130,000 shares per session. Before the fire, those shares' price remained at the peak over $1.1 for a long time.
That means in just a few days, more than $20.6 million of the Nam Bay Bay company's market was wiped off.
The Carina Plaza apartment fire not only affected stock price but also set the business prospects for the future Nam Bay Bay's projects to be unpredictable.
This company currently owns a very large land fund of around 370 hectares in five major cities and provinces across Vietnam.
In 2017, Nam Bay Bay company also had a scandal at the Diamond Riverside project when it received money from 80 per cent of customers even though the project was not eligible for business.
In the past, Nam Bay Bay had co-invested with the Japan's Creed Group. On September 9, 2014, this enterprise and Creed Group signed a joint investment project named City Gate Towers through using VND600 billion (roughly $26.3 million) to buy project bonds. The total interest paid for the bonds issued to Creed Group was 80 per cent of total profit gained from this project.
Creed Group also purchased another 4.6 million shares issued by Nam Bay Bay with a price of VND19,800 (roughly $0,87) per share and it pledged to invest in two projects, namely Nam Bay Bay II and Nam Bay Bay III with its capital contribution ratio is 50 per cent.
Nam Bay Bay's four major shareholders are Kallang Ltd, Deutsche Asset Management (Asia) Ltd, Viettel Design Consultant and Vietnam Equity Holding, each of them holds roughly ten per cent of the shares.
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