In recent years, Gelex has continuously restructured, focusing on the main businesses in the fields of energy, utility infrastructure, real estate, electrical equipment and logistics. — Photo baodautu.vn

The Vietnam Electrical Engineering Equipment Joint Stock Company Corporation (Gelex) has announced a resolution of the Board of Directors on divesting all investment capital of Gelex in its subsidiary, Gelex Cambodia Co Ltd.

The expected time for divestment is in the third quarter of 2019.

Gelex Cambodia was established in the second half of 2017 with a charter capital of US$25,000 owned by Gelex. The company operates mainly in the field of business and distribution of electrical equipment products.

In recent years, Gelex has continuously restructured, focusing on the main businesses in the fields of energy, utility infrastructure, real estate, electrical equipment and logistics.

Currently, the company is entering the field of building materials production after holding a large amount of shares of Viglacera Corporation and Gelex’s President Nguyen Van Tuan was appointed as chairman of Viglacera’s board of directors.

In the first quarter of 2019, Gelex recorded consolidated revenue of VND3.16 trillion (US$135.8 million) and pre-tax profit of VND214 billion.

The corporation targets consolidated revenue and pre-tax profit of VND16.7 trillion and VND1.38 trillion in the whole year 2019, respectively. — VNS