Gelex to sell 40 million shares in ceramics maker Viglacera (VGC)
Gelex to sell 40 million shares in ceramics maker Viglacera (VGC)
The Viet Nam Electric Equipment Joint Stock Corporation (Gelex) is planning to sell 40 million shares in ceramics maker Viglacera Corporation (VGC).
The sale is scheduled to take place from September 27 to October 26.
If successful, Gelex will reduce its ownership in Viglacera from more than 54.82 million shares (12.23 per cent) to 14.82 million shares (3.31 per cent), and lose its status as a major shareholder.
Gelex Electric Equipment Co., Ltd. (Gelex Electric) has registered to buy 40 million shares in VGC in the same period. Gelex Electric currently holds 57.1 million shares in VGC, representing 12.74 per cent of Viglacera's capital.
It is likely this sale is an internal agreement between Gelex and Gelex Electric.
Chairman of Gelex Nguyen Van Tuan is also chairman of Gelex Electric and Viglacera. Gelex also owns a 100 per cent stake in Gelex Electric, with charter capital of VND2.2 trillion (US$99 million).
Regarding Viglacera, in the first half of 2019, the company's net revenue increased by 18 per cent, reaching VND4.8 trillion. Net profit touched more than VND357 billion.
In the second half of this year, the company has set a revenue target of VND5.9 trillion with pre-tax profit of nearly VND517 billion.
Viglacera plans to spend VND1.7 trillion to invest in key projects at Dap Cau JSC, Viglacera Thanh Tri Porcelain JCS, Tien Son Joint Stock Company, My Xuan Porcelain Company and Viet Tri Joint Stock Company.
On the stock market, VGC shares rose 0.26 per cent to close at VND19,300 on Thursday.
