We attended BVH’s AGM on June 29, 2019, in Hanoi. Shareholders approved a plan for a private placement of 41.4 million shares, equivalent to 5.91% of shares outstanding. If the 30-day average market price remains at the current level of VND78,993, we would expect the company to raise at least VND3.27tn (USD140mn). The placement is expected to be completed in 2019 or 2020 and is subject to approval from the SSC. The placement will dilute state ownership from 72% to 68%.