Gelex started collecting more VGC shares from March 8 and ended on April 6. With a volume of nearly 18.6 million shares, Gelex only bought more than 82.5% of the expected figure registered previously (22.5 million shares).
In the market, during this period, VGC shares fluctuated between 33,500 VND – 36,400 VND / share. Temporarily calculated at the average price of 34,950 VND / share, the total amount that Gelex has to spend is about 650 billion VND.
This M&A deal has been pursued by Gelex for a long time, when Viglacera is one of the leading enterprises in construction materials and industrial park real estate, which is expected to be a significant support for Gelex’s business in the near future.
After the integration, the two sides expect to continue expanding the land fund of industrial parks with the goal of increasing the total number of industrial parks of VGC to more than 20 locations by 20, with more than 10 new industrial parks with a total area increase of 2,000-3,000ha; maintaining the goal of developing an industrial park land fund with at least double the annual leased land.
In related developments, Viglacera has just been approved the investment policy of Thuan Thanh I Industrial Park (Bac Ninh) with a scale of 249.75ha, total investment of more than 3,000 billion VND. Gelex itself has also invested in Long Son Petroleum Industrial Park to prepare for the development strategy of the industrial real estate sector.
Mr. Nguyen Van Tuan is currently the General Director of Gelex and Chairman of the Board of Directors of Viglacera.
On the eve of the M&A completion of Viglacera, the foreign fund group Dragon Capital also moved to buy 300,000 additional GEX shares through the transaction of member fund Norges Bank.
Thereby, Dragon Capital owns more than 24.3 million GEX shares, equivalent to more than 5.04% of capital, and becomes a major success of the business (April 2).
Contrary to the purchase of foreign funds, GEX Investment Company Limited has a plan to sell 10 million GEX shares, the implementation time is expected from March 15 to April 15. In case the transaction meets the expectation, GEX Investment will reduce the ownership in Gelex to 13.42% capital, equivalent to 64.7 million shares.
It is known that the director of GEX Investment is Mrs. Dao Thi Lo, the mother of Mr. Nguyen Van Tuan.
At the end of 2020, Gelex recorded net revenue of 17,949 billion VND, increased by more than 17% over the same period and exceeded 449 billion VND compared to the non-consolidation plan Viglacera. Profit before tax reached VND 1,187 billion, an increase of nearly 11% compared to the previous year and exceeded 61% of the year plan.
Entering 2021, although the general difficulties of the economy still exist, with the merger of Viglacera from the beginning of the second quarter, Gelex still sets an optimistic growth target for the year. Along with that, the completion and putting into operation of 140 MW of wind power, 18 MW of rooftop solar, increasing Song Da water plant capacity to 600,000 m3 day and night is also a supporting factor for this year Gelex.
Source: vietnamfinance.vn – Translated by fintel.vn