Quay lại trang trước Dragon Capital Group has just bought back 2 million shares of GELEX Group JSC (stock code: GEX – HoSE) and became a major shareholder.
Specifically, Dragon Capital raised its ownership from 4,8614% to 5,0963% of charter capital, equivalent to holding more than 43 million shares and officially became a major shareholder of GEX from June 28.
According to the closing price of GEX on June 26, which was 20,450 VND per share, it is estimated that the Dragon Capital group spent over VND 40 billion to complete the transaction.
In the latest report by Vietnam Joint Stock Commercial Bank for Foreign Trade of Vietnam Securities Company (VCBS), 2023 will be a challenging year for GEX due to the overall decline in business sectors caused by weakened market demand.
However, GELEX owns subsidiaries and affiliated companies with significant positions in long-term potential business segments. In which, VGC owns 12 large industrial zones, GEE has a leading position in the electrical equipment sector, and the energy and real estate sectors have substantial growth potential in the future.
Regarding business operations, according to the recent management report for the first six months of the year by Viglacera Corporation, a subsidiary of GELEX, the leasing of industrial park real estate has shown strong growth. The consolidated profit of the entire group in May 2023 reached 166% of the monthly plan, and the parent company achieved 142%.
The outstanding business results of Viglacera will contribute significantly to the overall revenue and profit growth of GELEX, helping to achieve the 2023 plan ahead of schedule.
In addition, GELEX is in negotiations to complete the divestment of its energy projects to foreign investors. This divestment plan has been proposed by the BOD of GELEX at the annual shareholders’ meeting in 2023.
The divestment of the energy segment to foreign investors is part of the company’s restructuring strategy, which brings in significant revenue for GELEX and aims to seek large joint venture partners to develop offshore wind power projects in the future.
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