The head office of the Viet Nam Electrical Equipment (Gelex) in Ha Noi. — Photo cafef.vn

The Viet Nam Electrical Equipment JSC (Gelex) has raised its offer by 9.3 per cent to buy Viglacera shares in an attempt to take a controlling stake in the firm.

The bid was increased to VND23,500 (US$1.01) per share from VND21,500 per share. The offer was previously raised to VND21,500 per share from VND17,700 per share.

Gelex had planned to purchase 95 million Viglacera shares between August 26 and September 25 at an initial price of VND17,700 per share.

If successful, Gelex will take a controlling stake in Viglacera and expand its influence in the industrial realty sector.

Gelex shares (HoSE: GEX) rose 1.9 per cent to end Monday at VND24,500 apiece. Viglacera shares (HoSE: VGC) inched up 0.2 per cent to finish Monday at VND23,450 apiece.

Recently, Red Capital Asset Management JSC sold 5 million Viglacera shares.

Gelex targets to reach a total net revenue of VND19.6 trillion ($842.36 million) and a pre-tax of VND975 billion this year if its acquisition of Viglacera is completed in the fourth quarter. — VNS