Singapore firm to buy three million shares of REE
Platinum Victory Pte Co Ltd, a wholly-owned subsidiary of Singapore-based automotive group Jardine Cycle and Carriage, plans to buy three million shares of the Refrigeration Engineering Corporation (REE).
Platinum Victory Pte Co Ltd, a wholly-owned subsidiary of Singapore-based automotive group Jardine Cycle and Carriage, plans to buy three million shares of the Refrigeration Engineering Corporation (REE).
After the purchase, Platinum Victory will increase its ownership in REE from 28.97 per cent to nearly 30 per cent, equivalent to more than 93 million shares.
Trading time is scheduled from December 5 this year to January 3 next year via order matching and agreement method.
On the stock market, REE shares are trading at around VND36,000-38,000 (US$1.6-1.7) while the offer price of Platinum Victory is VND45,000 per share, 20-25 per cent higher.
Based on the current market price, Platinum Victory will spend about VND108 billion ($4.7 million) to buy the three million shares of REE.
Previously, Platinum Victory had just finished the purchase of more than 12.6 million REE shares, equivalent to 40 per cent of the company’s capital.
Recently, REE has actively invested in the electricity and water sector. In 2019, the company plans to use $100 million mobilised from the recent bond issuance as well as the 2018 undistributed profit, totalling VND2 trillion, for M&A activities in these segments.
By the end of the third quarter this year, REE has been investing in 20 associate companies with a total investment of nearly VND6.6 trillion, most of whom are operating in the fields of water and electricity.
As for electricity, REE is investing in nine associate companies with a total investment of more than VND4.3 trillion, of which investment into Pha Lai Thermal Power Co Ltd accounts for the highest proportion with a value of more than VND1.45 trillion, equivalent to an ownership rate of more than 24.1 per cent.
In the first nine months of this year, REE’s net revenue reached VND3.56 trillion, up 2.9 per cent year-on-year and completed more than 66 per cent of the yearly plan.
Post-tax profit reached more than VND1.24 trillion, down 4.5 per cent against last year and completed 84.8 per cent of the annual target. — VNS
