Gelex bids for 95 million Viglacera shares

The Vietnam Electrical Equipment has made an official bid to buy 95 million shares at the construction and building materials firm Vilgacera, aiming to step in the industrial real estate sector.

Gelex's head office building in Ha Noi. — Photo tinnhanhchungkhoan.vn
The Vietnam Electrical Equipment Corporation (Gelex) on Wednesday bid for 95 million Viglacera shares, aiming to raise ownership in the construction and building material firm by 21.19 per cent to 46.15 per cent.

Gelex has offered to buy Viglacera shares for VND17,700 (US$0.76) apiece between August 26 and September 25.

Shareholders of the two companies approved the deal at their annual meetings earlier this year.

The deal is expected to help Gelex take a step in the industrial real estate sector, in which Viglacera already has some establishments.

The consortium led by Gelex now owns nearly 112 million shares in Viglacera, equal to a nearly 25 per cent stake.

Gelex shares (HoSE: GEX) rose 1.4 per cent to trade at VND22,500 apiece on Wednesday. Viglacera shares (HoSE: VGC) were up 0.5 per cent to VND21,900 apiece. — VNS

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