Monday , February 6 2023

Shareholder to sell 9% stake in Gelex Group

GEX Investment is set to sell 80 million shares, or 9.39% of its total stake, in electrical equipment manufacturer Gelex Group to restructure its investment portfolio.

The company has registered to make the sale between December 14 and January 12, either by matching or put-through orders.

GEX Investment currently holds a 13.3% stake in Gelex Group, and the deal, if successful, would bring its ownership down to 3.91%.

The deal is valued at an estimated VND1.28 trillion ($54 million), based on GEX prices on the Ho Chi Minh Stock Exchange (HoSE).

GEX Investment is owned by Dao Thi Lo, mother of Gelex Group CEO Nguyen Van Tuan.

Tuan owns a 23.76% stake in the Gelex Group.

GEX has been attracting foreign investor interest in recent weeks. They have bought over VND120 billion worth of GEX shares so far this month.

This interest came after investment fund Dragon Capital on November 29 and December 5 bought 51.3 million shares to own a 6.03 stake in the company.

GEX’s share value has shot up 35% in four weeks to VND16,000 after diving to its lowest share price since April 2020 in mid-November.

The Gelex Group posted a revenue of VND24.73 trillion in the first nine months of this year, up 29% year-on-year. Its pre-tax profit surged 25% to VND1.77 trillion.

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