Dragon Capital becomes large shareholder of GELEX

12:02 | 28/06/2018
Dragon Capital has just bought 813,110 shares to raise its ownership to 5.05 per cent in Vietnam Electrical Equipment JSC (GELEX).
dragon capital becomes large shareholder of gelex
GELEX operates in the fields of electrical equipment, infrastructure (power, water, logistics), and real estate

Dragon Capital has just announced to successfully buy 813,110 shares of GELEX (code: GEX) to raise its ownership to 13.6 million shares and become a large shareholder, holding 5.05 per cent of the charter capital.

Grinling International Limited bought 154,100 additional shares, and Hanoi Investment Holdings Limited bought 659,000 shares.

Dragon Capital’s remaining holding in GELEX is in the hands of six other member funds, including Norges Bank (4.24 million shares–1.58 per cent), Amersham Industries (2.85 million shares), Viola Ltd. (2 million shares), Idris (1.7 million shares), Samsung Vietnam Securities Master Investment Trust (668,000 shares), and Aquila SPC (550,000 shares).

GELEX has been restructuring its operations through raising the charter capital of Gelex Electric Co., Ltd. to VND2.3 trillion ($101.3 million) from VND1.4 trillion ($61.7 million) and transforming its ownership in other subsidiaries to Gelex Energy.

Gelex’s subsidiaries include Vietnam Electric Cable Corporation (Cadivi, code: CAV), Electrical Equipment JSC (THIBIDI, code: THI), and Hanoi Electromechanical Manufacturing JSC (code: HEM).

According to Gelex’s financial statement, its total consolidated net revenue in 2017 hit VND11.98 trillion ($528 million), up 64.2 per cent on-year, and consolidated after-tax profit reached VND1.3 trillion ($58 million), exceeding the yearly plan by 25.2 per cent. The parent company’s total net revenue was VND2.216 trillion ($97.6 million) and its after-tax profit was VND369 billion ($16.26 million), up 21 per cent on-year.

In 2018, GELEX targets VND15 trillion ($661 million) in total consolidated revenue and VND1.82 trillion ($80.2 million) in consolidated pre-tax profit.

By Nguyen Huong

Based on MasterCMS Ultimate Edition Ver 2.8 2018