MOIT to unload stake in GELEX

Thursday, Nov 05, 2015 15:22

HA NOI (Biz Hub) — The industry and trade ministry will represent the government in unloading state capital in the Vietnam Electrical Equipment Joint Stock Corporation, or GELEX, the government office said.

Under a guideline issued by Deputy Prime Minister Vu Van Ninh, the ministry will complete divestment from GELEX, unloading the whole 78.74 per cent stake of the state, in the first quarter of 2016.

GELEX, established in 1990, has a charter capital of VND1.55 trillion (US$69.3 million). The company's main products are electrical equipment, electrical cables and power meters.

During the first half of this year, GELEX earned VND2.4 trillion ($107 million) in revenue and VND200 billion ($8.9 million) in pre-tax profit. — VNS

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