REE to raise stake in hydropower firm by nearly 30%

Wednesday, Dec 25, 2019 08:52

Vinh Son Song Hinh Hydropower plant. — Photo

The Refrigeration Electrical Engineering Corporation (REE) has asked to increase its stake at Vinh Son Song Hinh Hydropower JSC to more than 50 per cent.

REE has offered to buy 60 million shares of the hydropower firm, raising its ownership to 103.28 million shares.

Transactions begin tomorrow via the stock market and end on January 21, 2020.

Vinh Son Song Hinh shares (HoSE: VSH) ended yesterday flat at VND22,300 (US$0.96) per share following the news. The company shares have gained a third year-to-date.

Meanwhile, REE shares (HoSE: REE) rose 1.1 per cent to close at 35,900 per share. REE shares have increased by a total of 27 per cent this year.

In the January-September period, REE earned VND3.56 trillion in combined net revenue, up 2.9 per cent on-year. Post-tax profit was down 4.5 per cent on-year in nine months to VND1.24 trillion.

Meanwhile, Vinh Son Song Hinh Hydropower JSC reported a 41 per cent annual decline in its nine-month combined revenue, which was VND286 billion.

Post-tax profit in the nine-month period fell 61.2 per cent on-year to VND107.6 billion. — VNS

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