Thursday, October 29 2020

VietNamNews

Gelex raises offer for Viglacera shares

Update: September, 22/2020 - 07:00

 

The head office of the Việt Nam Electrical Equipment (Gelex) in Hà Nội. — Photo cafef.vn

HÀ NỘI — The Việt Nam Electrical Equipment JSC (Gelex) has raised its offer by 9.3 per cent to buy Viglacera shares in an attempt to take a controlling stake in the firm.

The bid was increased to VNĐ23,500 (US$1.01) per share from VNĐ21,500 per share. The offer was previously raised to VNĐ21,500 per share from VNĐ17,700 per share.

Gelex had planned to purchase 95 million Viglacera shares between August 26 and September 25 at an initial price of VNĐ17,700 per share.

If successful, Gelex will take a controlling stake in Viglacera and expand its influence in the industrial realty sector.

Gelex shares (HoSE: GEX) rose 1.9 per cent to end Monday at VNĐ24,500 apiece. Viglacera shares (HoSE: VGC) inched up 0.2 per cent to finish Monday at VNĐ23,450 apiece.

Recently, Red Capital Asset Management JSC sold 5 million Viglacera shares.

Gelex targets to reach a total net revenue of VNĐ19.6 trillion ($842.36 million) and a pre-tax of VNĐ975 billion this year if its acquisition of Viglacera is completed in the fourth quarter. — VNS

Send Us Your Comments:

See also: