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Sunday, September 25, 2022

Gelex set to transfer 6.37% stake in PXL to subsidiary

The Saigon Times

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HCMC – Gelex Group JSC, which trades its GEX shares on the Hochiminh Stock Exchange, will transfer a 6.37% stake in Long Son Petroleum Industrial Zone Investment JSC (PXL) to Gelex Infrastructure JSC under its restructuring plan.

GEX will transfer nearly 5.3 million PXL shares to Gelex Infrastructure, in which the former holds a 92.88% stake, in the third quarter of the year, the local media reported.

The price will be not higher than VND10,000 per share.

Founded in 2007, PXL is investing in some large-scale projects such as the Long Son industrial zone covering 850 hectares of land in Vung Tau City, the Chi Linh-Cua Lap new urban area covering 65.7 hectares in Vung Tau City and the Huynh Tan Phat apartment building in HCMC’s District 7.

In the first half of the year, Gelex posted over VND17.7 trillion in revenue and VND1 trillion in after-tax profit, up 35% and 32.5% year-on-year, respectively.

Closing the trading session today, August 8, GEX gained over 4%, extending its rising streak for the second straight session.

On the southern bourse, with winners outnumbering losers by 271 to 189, the VN-Index improved 4.01 points, or 0.32%, from the session earlier, at 1,256.75, supported by strong gains of large-cap stocks. Over 699 million shares worth VND15.8 trillion changed hands.

Seafood stocks stole the limelight on the HCMC bourse, with many stocks ending at their daily upper limits.

The HNX-Index of the Hanoi Stock Exchange maintained its upward spiral, finishing the day up 1.43 points, or 0.48%, against the previous session, at 301.33.

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