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MBG breaks ground on VND300-billion electrical equipment plant

The Saigon Times

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HCMC – MBG Group, which lists its shares on the Hanoi Stock Exchange under the code MBG, has held a groundbreaking ceremony for an electrical equipment assembly and production plant in the An Phu Industrial Park in Phu Yen Province’s Tuy Hoa City.

The VND300 billion plant, which is set to turn out eco-friendly products, energy-efficient lighting devices, LED streetlights and solar LED lights, is among the hi-tech projects in the park.

Mien Trung Industrial JSC, a unit of MBG, acts as the investor of the project, whose first phase will be completed in the third quarter of 2022.

When in place, the plant will supply electrical lighting devices in Central Vietnam, the southern and Central Highlands regions and for export.

Pham Huy Thanh, chairman of MBG Group, said that the facility was expected to promote the use of energy-efficient lights among consumers. The group is moving towards becoming the leading LED light producer in Vietnam and other countries in Southeast Asia.

In 2021, MBG posted revenue of VND883.5 billion and after-tax profit of VND82 billion.

Closing the first trading session of April today, MBG gained over 1.3%.

With the number of gainers outnumbering that of losers by 330 to 125, the VN-Index of the Hochiminh Stock Exchange jumped by 24.29 points, or 1.63%, from the session earlier, at 1,516.44. There were nearly 967.7 million shares worth VND26.7 trillion changing hands, up 41.4% in volume and 22.5% in value against the previous session. Block deals contributed over VND1.9 trillion to the total value.

All but fuel distributor PLX in the VN30 basket were in positive territory.

At the close, the HNX-Index of the northern bourse improved 4.48 points, or 1%, over the session earlier, at 454.1 points, buoyed by good performance of many large-cap stocks.

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