Home Stocks Stock Market

Ministry to sell 78.7% stake in GELEX

Dec 24th at 13:29
24-12-2015 13:29:44+07:00

Ministry to sell 78.7% stake in GELEX

The industry and trade ministry (MoIT) has announced a plan to sell 122 million shares of the Vietnam Electrical Equipment Joint Stock Corporation (GELEX), or a 78.74 per cent stake.

 

The sale will be conducted from December 25, 2015, to January 22, 2016, by continuous order matching and negotiation methods.

GELEX has been listed on the Unlisted Public Company Market (UpCOM) since October. The company's share price at 11 am on December 24 closed at VND19,800 (US$0.88) each. Following this, the MoIT is expected to earn about VND2.41 trillion ($107.1 million).

Deputy Prime Minister Vu Van Ninh had approved the divestment plan of the MoIT in November.

GELEX, established in 1990, has a charter capital of VND1.55 trillion (US$68.75 million). The company's main products are electrical equipment, electrical cables and power meters.

During the first nine months of this year, the company earned VND7 trillion ($310.5 million) in revenue and VND494 billion ($21.9 million) in profit.

bizhub

MOST READ

NEWS SAME CATEGORY

Bank's reputation impacts stock
STOCK MARKET Dec 24th at 10:58

Bank's reputation impacts stock

The higher the communication reputation of banks, the higher their stock prices, the Vietnam Report Joint Stock Company said.

Investors shy away from forex risk
STOCK MARKET Dec 24th at 10:54

Investors shy away from forex risk

Shares continued to decline on the two exchanges yesterday as investor worries over foreign exchange rate risks have not been subdued.

VN shares fall further
STOCK MARKET Dec 23rd at 14:06

VN shares fall further

Vietnamese shares fell further on both local exchanges this morning, as large-cap stocks dived after investors continued to be cautious about their investments.

Shares flat amid oil price jump
STOCK MARKET Dec 23rd at 14:03

Shares flat amid oil price jump

Vietnamese shares fell slightly on both local bourses yesterday, led by plastics firms amid fear that their profitability will be hurt from an increase of global...

VN shares gain on both exchanges
STOCK MARKET Dec 22nd at 13:36

VN shares gain on both exchanges

Vietnamese shares rose this morning on both local exchanges, led by the largest stocks.

SSC head classes local market performance ‘stable' for year
STOCK MARKET Dec 22nd at 08:35

SSC head classes local market performance ‘stable' for year

The domestic stock market has had a "relatively stable performance" this year, said State Securities Commission Chairman Vu Bang.

Blue chips suffer from US fears
STOCK MARKET Dec 22nd at 08:32

Blue chips suffer from US fears

Vietnamese shares were mixed yesterday on the two local exchanges, while foreign investors sold assets in blue chips fearing lower profits after the US Federal...

'Stable performance' for this year's local stock market
STOCK MARKET Dec 22nd at 08:13

'Stable performance' for this year's local stock market

The domestic stock market has had a "relatively stable performance" this year, said State Securities Commission Chairman Vu Bang.

VN shares end mixed
STOCK MARKET Dec 21st at 15:29

VN shares end mixed

Vietnamese shares ended mixed this morning on the two local bourses, while real estate firms improved.

Fed move may fuel outflow from stocks
STOCK MARKET Dec 21st at 15:27

Fed move may fuel outflow from stocks

The recent decision of the US Federal Reserve (Fed) to hike key interest rates could see foreign investment flowing out of the Vietnamese stock market in the...

Read More

TRENDING

MOST READ

Back To Top