Air-conditioners built by Refrigeration Electrical Engineering Corporation (REE) (Photo: reecorp.com) Hanoi (VNS/VNA) - Platinum Victory Pte Co Ltd, a wholly-ownedsubsidiary of Singapore-based automotive group Jardine Cycle and Carriage,plans to buy three million shares of the Refrigeration Engineering Corporation(REE).
After the purchase, Platinum Victory will increase its ownership in REE from28.97 percent to nearly 30 percent, equivalent to more than 93 million shares.
Trading time is scheduled from December 5 this year to January 3 next year viaorder matching and agreement method.
On the stock market, REE shares are trading at around 36,000-38,000 VND (1.6-1.7USD) while the offer price of Platinum Victory is 45,000 VND per share, 20-25 percenthigher.
Based on the current market price, Platinum Victory will spend about 108billion VND (4.7 million USD) to buy the three million shares of REE.
Previously, Platinum Victory had just finished the purchase of more than 12.6million REE shares, equivalent to 40 percent of the company’s capital.
Recently, REE has actively invested in the electricity and water sector. In2019, the company plans to use 100 million USD mobilised from the recent bondissuance as well as the 2018 undistributed profit, totalling 2 trillion VND, forM&A activities in these segments.
By the end of the third quarter this year, REE has been investing in 20associate companies with a total investment of nearly 6.6 trillion VND, most ofwhom are operating in the fields of water and electricity.
As for electricity, REE is investing in nine associate companies with a totalinvestment of more than 4.3 trillion VND, of which investment into Pha LaiThermal Power Co Ltd accounts for the highest proportion with a value of morethan 1.45 trillion VND, equivalent to an ownership rate of more than 24.1 percent.
In the first nine months of this year, REE’s net revenue reached 3.56 trillionVND, up 2.9 percent year-on-year and completed more than 66 percent of theyearly plan.
Post-tax profit reached more than 1.24 trillion VND, down 4.5 percent againstlast year and completed 84.8 percent of the annual target./.
VNA
