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Thursday, June 13, 2024

GEG disbands solar energy subsidiary

The Saigon Times

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HCMC – Gia Lai Electricity Joint Stock Company (GEG) has passed a resolution to disband its subsidiary Phong Dien Solar Energy Company, which is headquartered in Hue City, Thua Thien-Hue Province.

The Phong Dien solar energy company, founded in 2019, has total charter capital of VND120 billion and its legal representative is Tran Nguyen Quoc Huy.

Besides, to ensure interests of its shareholders, the board of GEG decided to suspend a plan to issue 30.3 million GEG shares to existing shareholders due to a decline in share price and will seek the nod for another share issue at its upcoming general meeting. On December 7, GEG closed at VND13,000 per share, lower than the price approved for the share issue at VND14,000.

On August 5 this year, GEG approved the plan of issuing over 30.3 million GEG shares with the par value of VND14,000 to mobilize VND425 billion. The proceeds would be contributed to Tien Giang Wind Energy Joint Stock Company to implement the Tan Phu Dong 1 power project.

As for its business performance, GEG in the third quarter this year saw its net revenue up 67% year-on-year at over VND521 billion and net profit up 2.4 times over the same period last year at VND125 billion.

Closing the trading session today, December 12, GEG moved sideways at VND13,000.

The local stock market wrapped up the first session of the week on a downbeat note.

The benchmark VN-Index of the Hochiminh Stock Exchange lost nearly 20 points, or 1.88%, against last Friday at 1,032.07, with 158 winners and 286 losers.

More than 788 million shares worth over VND12.9 trillion were transacted on the southern bourse, improving over 15% in volume and 26% in value compared to the previous session. Shares traded in block deals accounted for some VND2.8 trillion of the total value.

Stocks in the VN30 basket were the major drags on the main index. Three members of the Vingroup family, namely VIC, VHM and VRE, plunged over 6% each. Besides, others in the basket such as two property developers KDH and PDR, steelmaker HPG, dairy company VNM, and tech firm FPT ended in negative territory. Only six stocks in the basket were advancers, including State-run fuel distributor PLX, insurer BVH, and lender VCB.

Lots of securities stocks encountered losses. Among them, VND led the southern bourse by liquidity with over 54 million shares changing hands.

On the northern bourse, with 71 stocks rising and 103 others dipping, the HNX-Index shed 6.46 points, or 2.98% versus the previous session at 210.53. Similar to the VN30 basket of the southern bourse, the HNX30 basket saw 19 decliners.

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