GELEX Electric officially listed 300 million shares on HoSE
On the morning of August 14, 2024, Ho Chi Minh City Stock Exchange (HoSE) held a Listing Decision Awarding Ceremony, officially putting 300 million GEE shares of GELEX Electricity Joint Stock Company (GELEX Electric) into trading.
In the first trading session, 300 million GEE shares had a reference price of VND 37,150/share (average reference price of 30 sessions before the delisting at UpCom), equivalent to a capitalization of VND 11,145 billion. The price fluctuation range is +/-20%.
Previously, July 18 was the last trading day for GEE on the UpCom trading system with a closing price of VND 43,000/share.
Speaking at the ceremony, Mr.Nguyen Trong Trung – General Director of GELEX Electric shared: “Currently, there are about 400 listed enterprises on HoSE, including more than 20 electricity industry shares, with the main participation of thermal electric and hydroelectric power enterprises instead of an enterprise that produces and trades electrical equipment to complete the electricity supply chain like GEE. Therefore, in addition to bringing practical values from a safe and environmentally friendly product ecosystem for users, today, GELEX Electric is proud to introduce a new product to HOSE, stock code GEE – from an industrial manufacturing enterprise”.
Mr.Trung said: “Listing opens up opportunities for us to seek domestic and foreign partners with financial and especially technological capacity. This gives us enough resources in the process of transforming into a high-tech industrial company”.
The leadership of GELEX Electric also committed that the company will be open and transparent about information as well as ensure strict implementation of the obligations of a listed company throughout its operations.
Established in August 2016, GELEX Electric manages the electrical equipment sector of GELEX Group, with 8 subsidiaries, manufacturing and supplying a full range of products in the electricity industry value chain from transmission to distribution and civil. Including many well-established and reputable brands with the leading market share in Vietnam, such as: CADIVI power cables, THIBIDI transformers, EMIC electrical measuring device.
Currently, GELEX Electric is orienting its member units to promote the production of electrical equipment products with high intellectual content and environmental friendliness to serve the smart grid; orienting cooperation in research and development of new high-tech products such as: Fire protection products, security equipment, monitoring…
Regarding business results, according to the recently announced Second Quarter and Semi-Annual Financial Report, in the first 6 months of the year, GELEX Electric’s consolidated net revenue reached VND 9,030 billion, up 24.2% over the same period; Profit before tax reached VND 821 billion, up 225.5% over the same period. This positive result was achieved thanks to flexible sales policies and good inventory control in the context of fluctuating prices of main raw materials.