VINACONEX transferred nearly 17.5 million shares in NEDI2 to Toyota Tsusho Corporation. — Photo vietnambiz.vn

Viet Nam Construction and Import-Export Joint Stock Corporation (VINACONEX) announced Monday that NEDI2 was no longer a subsidiary of the corporation.

VINACONEX has transferred nearly 17.5 million shares of NEDI2 to Toyota Tsusho Corporation.

After the transaction, VINACONEX holds more than 19 million shares of NEDI2, equivalent to 38.24 per cent of the company’s charter capital. However, with this ratio, NEDI2 is no longer a subsidiary of VINACONEX.

NEDI2 is the abbreviation for Northern Electricity Development and Investment JSC No 2, focusing on hydropower investment and real estate.

It is currently operating Ngoi Phat Hydropower Plant located in Ban Xeo and Ban Vuoc communes, Bat Xat District in the northern province of Lao Cat, with a capacity of 72MW.

In the first nine months of 2020, net revenue of NEDI2 reached nearly VND295 billion (US$12.7 million). Post-tax profit hit VND105.5 billion, up 4 per cent and 8.8 per cent, respectively over the same period in 2019.

NEDI2 aimed to earn net revenue of more than VND394.4 billion in 2020. Post-tax profit was estimated at VND132 billion, up nearly 34 per cent compared to the profit achieved in 2019.

In the first nine months of 2020, NEDI2 completed 75 per cent of the revenue target and 80 per cent of the profit target set for the year. — VNS