Platinum Victory buys additional 12.6 million shares in REE

Saturday, Nov 16, 2019 07:45

Air-conditioners built by Refrigeration Electrical Engineering Corporation (REE). — Photo

Singapore-based firm Platinum Victory Pte Ltd has completed the purchase of 12.6 million shares from shareholders of the Refrigeration Engineering Corporation (HoSE: REE).

In late August, Platinum Victory offered to buy 31.3 million REE shares from current shareholders for VND45,000 (US$1.95) per share.

Transactions were made on the common stock market between September 30 and October 30.

The value of the deal is estimated at VND567.2 billion.

The deal means Platinum Victory has raised its stake in REE from 77.2 million shares (24.9 per cent) to 89.8 million shares (28.97 per cent).

REE shares fell 0.7 per cent to close Friday at VND36,900.

In the first nine months of 2018, the HoSE-listed firm posted an annual increase of 2.9 per cent in total net revenue, reaching VND3.56 trillion.

REE’s post-tax profit in the nine-month period dropped 4.5 per cent year-on-year to VND1.24 trillion.

The company has fulfilled 66 per cent and 84.8 per cent of its annual revenue and profit targets. – VNS

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