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Thursday, June 20, 2024

Becamex to establish electricity distribution firm

The Saigon Times

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HCMC – Investment and Industrial Development Corporation, or Becamex, which trades its BCM shares on the Hochiminh Stock Exchange, will establish an electricity transmission and distribution company, with chartered capital of VND100 billion.

Becamex Electricity Development and Investment Company will specialize in supplying solar power through 110KV transmission lines, developing power grids ,and operating and repairing transmission lines.

BCM will hold a 36% stake in the new firm and is set to contribute capital in the third quarter of 2022, the local media reported.

In the first quarter of 2022, Becamex made over VND1.4 trillion in net revenue, mainly from real estate sales, up 2% year-on-year.

This year, the firm targets VND9.7 trillion in revenue and VND2.9 trillion in after-tax profit, up 19% and 98% against 2021, respectively.

Closing the trading session today, July 13, BCM lost 0.65%, ending its two-session winning streak.

Despite the sell-off pressure, the VN-Index of the HCMC bourse inched down a mere 0.9 point, or 0.08%, from the session earlier, at 1,173.92, with 249 advancers and 197 decliners.

Some 564 million shares worth VND11.5 trillion changed hands, up 7.4% in volume and 8.2% in value against the previous session.

Many bank and securities stocks made losses while insurance stocks bucked the trend and ended higher, with insurer BVH making the sharpest gain in the VN30 basket.

On the Hanoi Stock Exchange, the HNX-Index lost 0.63 point, or 0.22%, from the day earlier, at 281.36.

In the HNX30 basket, 12 stocks gained steam, while 14 others fell into negative territory.

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