Gelex CEO to raise ownership

Friday, May 22, 2020 14:53

The logo of the Vietnam Electrical Equipment Corporation at its headquarters. — Photo

Chairman and CEO of the Vietnam Electrical Equipment Joint Stock Corporation (Gelex) Nguyen Van Tuan plans to up his stake in the company by 3.07 per cent.

The firm’s CEO will buy 15 million shares from May 26 to June 24, equal to 3.0722 per cent of the company’s total outstanding shares.

The company has recently announced a plan to sell its logistics arm in the third quarter of the year in an attempt to restructure its portfolio and focus more on electrical equipment and infrastructure sectors.

Gelex has also decided to offload a 20.25 per cent stake in Dong Nai Port JSC.

Gelex shares, listed on the Ho Chi Minh Stock Exchange with code GEX, gained 1.5 per cent to trade at VND17,150 (US$0.73) apiece on Friday. Shares have gained 14.3 per cent in the last three weeks.

In January-March, Gelex earned VND3.5 trillion ($150 million) worth of net revenue, up 14.2 per cent on-year. But net profit dropped 43 per cent on-year to VND93.5 billion due to increased selling, financial and management expenses. — VNS

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