The office building of GELEX Electric in District 1, HCM City. — Photo gelex-electric.com

The Hồ Chí Minh Stock Exchange (HoSE) said that it has approved the listing of 300 million shares of GELEX Electric JSC (GEE) on the bourse.

The first trading day for the GELEX Electric shares will be August 14.

On its first trading day on the southern exchange, 300 million GEE shares will be traded with a reference price of VNĐ37,150 per share (US$1.48), equal to a market capitalisation of over VNĐ11.1 trillion.

The shares will have a trading range of 20 per cent allowed on the first day of listing.

Prior to the HoSE listing, the GEE shares were last traded on the UPCoM market at around VNĐ43,000 per share, as of the closing session on July 18.

GELEX Electric was established by GELEX Group on August 29, 2016. The company's main business is the manufacturing and trading of electrical measuring equipment.

As of June 30, the Gelex Group holds a 79.99 per cent stake in GELEX Electric and accounts for this as an investment in a subsidiary.

At the 2024 Annual General Meeting of Shareholders, Nguyễn Văn Tuân, Chairman of the Board of Directors of GELEX Electric, said: "This year, GELEX Electric will continue to focus on restructuring the companies within our power generation business segment.

"The company will accelerate its research and development efforts to create higher value-added products, as well as green and environmentally-friendly offerings. The emphasis on investing in R&D is aimed at building a solid foundation to further strengthen and develop our business." — VNS