GELEX Electrical Equipment Joint Stock Company (stock code:  GEE) collected shareholders’ opinions in text to approve the renaming of GELEX Electrical Equipment Joint Stock Company to Gelex Electricity Joint Stock Company.

Accordingly, this change of name clearly demonstrated the current and future development orientation of Gelex Electric’s business activities, which was as a basis to enhance the position of the Company, in line with the goal of restructuring and development strategy of the Group.

Established in 2016, Gelex was formerly known as MTV Co., Ltd. by separating the segment of manufacturing electrical equipment from Vietnam Electrical Engineering Equipment Joint Stock Corporation (now Gelex Group JSC). Gelex Group JSC directly controls 9 member companies with 300 million shares traded on UpCom.

Diagram of member companies of GELEX Electric.

Now, Gelex Electric is focusing on the main activity – industrial production (mainly electrical industry) including electrical equipment production and power generation.

In the electrical equipment segment, Gelex and its member company own reputable brands such as CADIVI’s power cables, EMIC’s electrical measuring equipment, THIBIDI’s transformers, HEM’s electric motors, etc. In specific, CADIVI, THIBIDI have earned national brand for many years. Gelex Electric’s products are available in all provinces and cities across Vietnam, many markets in Southeast Asia and even Australia, Europe and America.

Electrical equipment manufacturing is the traditional business of Gelex Electric.

In the power generation segment, Gelex Electric owns the Gelex Ninh Thuan solar power farm; Cluster of wind power plants GELEX 1, 2, 3; dominantly owns and operates Song Bung 4A hydropower plant with a total operating capacity of 210MW, etc.

In addition to the above two segments, Gelex also orients to deploy and contribute capital to establish a unit to participate in electricity trading activities, do electricity trading services directly between renewable energy generators and industrial park’s loads.

So, changing the name to Gelex Electric Joint Stock Company will fully cover all segments Gelex Electric is operating in instead of focusing on only electrical equipment like the former name shows. This also shows a shift in business strategy, gradually balancing the proportion in the production segments, developing new business segment to ensure the growth plan of the company.

In 2022, Gelex achieved the revenue target of VND 19,110 billion and profit before tax of VND 2,000 billion, up by 2.1% and 144.5% respectively compared to 2021.