REE adjusts foreign ownership rate

Foreign ownership in Refrigeration Electrical Engineering Corp (REE) will be adjusted down from 49 per cent to 43.7 per cent of REE's charter capital from yesterday, the State Securities Commission announced. Foreign investors are allowed to sell but not buy unless they negotiate with one another.

Earlier, REE asked to block foreign ownership in the company to save foreign room for its upcoming issuance of convertible bonds. It plans to issue VND558 billion (US$26.7 million) worth of convertible bonds to Platinum Victory Pte Ltd, a wholly owned subsidiary of Singapore's auto distribution and retail giant Jardine Cycle&Carriage Ltd.

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