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Gelex (GEX) completes acquiring shares at Viglacera
The Viet Nam Electrical Equipment JSC (Gelex) has acquired a 21.1 per cent stake at construction group Viglacera to raise its ownership to 46.07 per cent.
Both firms said in a filing to the Ho Chi Minh Stock Exchange (HoSE) on Thursday that Gelex had bought more than 94.6 million Viglacera shares, lifting its ownership in the latter to more than 206.5 million shares.
Prior to the deal, Gelex and its member firm owned a total of nearly 112 million Viglacera shares, equal to a 24.96 per cent stake.
Gelex had bid for 95 million Viglacera shares between August 26 and September 25. The firm had raised its offer three times from VND17,700 (US$0.76) per share to VND21,500 and VND23,500 per share, respectively.
During the bid, Viglacera shares – listed on HoSE as VGC – swung between VND22,000 and VND23,000 per share.
Thus, the deal was valued between VND2.08-2.17 trillion.
Viglacera shares were flat at VND22,800 apiece on Friday while Gelex shares (HoSE: GEX) gained 1.3 per cent to trade at VND22,900 apiece.
Gelex is planning to gain the controlling stake at Viglacera as the company wants to own 51 per cent of the industrial park developer.
If Gelex bids for the remaining 5 per cent, the company will not have to make the deal public according to the amended securities law.
Viglacera was equitised in July 2014 and the Ministry of Construction has represented the Government to manage the State capital at the firm.
The ministry now has a 38 per cent stake at Viglacera and it is planning to offload its stake in 2020 at a reasonable price. However, Viglacera’s divestment plan has remained confidential.
Gelex’s plan to acquire Viglacera will help the electrical firm enter the industrial park development sector. On October 1, Gelex vice chairman Luong Thanh Tung was appointed the vice general director at Viglacera.
If the merger is completed in 2020, Gelex will log a total revenue of VND19.6 trillion ($846.4 million), up 27 per cent on-year, and a pre-tax profit of VND975 billion, down 12 per cent on-year, on increased expenses.
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