Gelex Electric changed its name to GELEX Electric Joint Stock Company

From November 15, 2022, Gelex Electric, a subsidiary of GELEX Group, officially changed its name to Gelex Electric Joint Stock Company.

GELEX Electricity Joint Stock Company (UpCom: GEE), just announced its business registration certificate effective from November 15, 2022 and Resolution 47/2022/GE/NQ-HDQT, dated November 16, 2022 of the Board of Directors on the approval of a new seal sample.

Accordingly, this name change clearly demonstrates the current and future development orientation of GEE’s business activities that serve as a basis to strengthen and enhance the position of the Company, and at the same time in line with the restructuring objectives and development strategy of the GELEX Group.

Gelex Electric Joint Stock Company (GEE) is headquartered at GELEX Tower, 52 Le Dai Hanh, Hai Ba Trung, Hanoi.

GEE was established in 2016, formerly known as Electrical Metering Equipment One Member Co., Ltd. due to the separation of electrical measuring equipment production from Vietnam Electrical Equipment Joint Stock Corporation (now GELEX Group Joint Stock Company). Up to this time, the company is operating under the Holdings model, owning and controlling 9 member companies directly, focusing on the main segment which is industrial production (mainly the electrical industry), including electrical equipment manufacturing and power generation. The company and its subsidiaries own many prestigious brands such as CADIVI power cables, EMIC electrical measuring equipment, THIBIDI transformers, and HEM electric motors, etc.; GELEX Ninh Thuan solar power farms; GELEX Quang Tri wind power plant cluster 1, 2, 3; own and control the company operating the Bung River 4A hydropower plant…

In addition to the above two segments, GEE also orients to deploy and contribute capital to establish a unit participating in electricity trading activities that toward its goal of providing direct electricity trading services between renewable energy generating units and industrial park loads.

Thus, the change of name to Gelex Electricity Joint Stock Company will cover all the segments the Company is operating instead of focusing only on electrical equipment. This also shows a shift in business strategy, gradually balancing the proportion in the production segments, developing new business segments to ensure the growth plan of the company.

Recently, GEE has announced its financial statements for the third quarter of 2022, recording a consolidated profit before tax of VND 84.6 billion. At the end of the first nine months of 2022, the enterprise’s consolidated profit before tax reached VND 663.2 billion, an increase of 14.6% over the same period last year.