Tuesday, December 18 2018

VietNamNews

GELEX lists on HOSE

Update: January, 19/2018 - 11:00
GELEX’s booth at the tenth Việt Nam ETE in 2017 in HCM City. — Photo gelex.vn
Viet Nam News

HÀ NỘI — The HCM Stock Exchange (HOSE) has announced the listing and trading of shares in Vietnam Electric Equipment Joint Stock Corporation’s (GELEX)

Accordingly, GELEX has listed 266.8 million shares, under the stock code GEX at a face value of VNĐ10,000 (US$0.44) per share.

Before January 15, GELEX’s shares were traded on the Unlisted Public Company Market (UPCoM) of the Hà Nội Stock Exchange (HNX) at VNĐ28,200 ($1.25) per share.

In 2017, GELEX approved a plan to issue VNĐ500 billion ($22 million) worth of convertible bonds with maturities of up to three years.

Between 2015 and 2017, the company’s annual before-tax profit increased by 63.5 per cent, with industrial production accounting for 70 per cent of its sales.

Its current total charter capital is well over VNĐ7.5 trillion ($333 million).

Nguyễn Văn Tuấn, GELEX’s chairman, said that the company’s listing on HOSE was an important milestone in its development, helping to increase its liquidity for the benefits of shareholders and investors.

GELEX hopes to improve its production capacity and sustainable development in the fields of infrastructure and logistics as well, aiming for a 2018 before-tax profit of VNĐ1.6 trillion.

Tuấn expects the company to enhance its levels of transparency, management standards and branding to attract more capital for business investment.

Lê Thị Tuyết Hằng, HOSE representative, agreed and said that after listing, GELEX would strictly implement the exchange’s regulations on disclosure of information transparency to investors and the authorities. — VNS

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