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Ministry to sell 78.7% stake in GELEX
The industry and trade ministry (MoIT) has announced a plan to sell 122 million shares of the Vietnam Electrical Equipment Joint Stock Corporation (GELEX), or a 78.74 per cent stake.
The sale will be conducted from December 25, 2015, to January 22, 2016, by continuous order matching and negotiation methods.
GELEX has been listed on the Unlisted Public Company Market (UpCOM) since October. The company's share price at 11 am on December 24 closed at VND19,800 (US$0.88) each. Following this, the MoIT is expected to earn about VND2.41 trillion ($107.1 million).
Deputy Prime Minister Vu Van Ninh had approved the divestment plan of the MoIT in November.
GELEX, established in 1990, has a charter capital of VND1.55 trillion (US$68.75 million). The company's main products are electrical equipment, electrical cables and power meters.
During the first nine months of this year, the company earned VND7 trillion ($310.5 million) in revenue and VND494 billion ($21.9 million) in profit.
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