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Monday, June 17, 2024

REE chairwoman wants to buy 2.5 million shares

The Saigon Times

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HCMC – Nguyen Thi Mai Thanh, chairwoman of Refrigeration Electrical Engineering Corporation (HOSE: REE), has registered to buy 2.5 million REE shares, thus taking her stake in the firm to 12.8% from the current 12.2%.

Her share acquisition plan will take place from May 10 to June 7, with VND166 billion to be spent based on today’s market price of VND66,400 per share.

REE shares have surged by 18.79% in the year to date, from VND55,897 to VND66,400 per share. The chairwoman’s move to increase her ownership coincides with this bullish trend.

However, REE faced challenges in its business operations during the first quarter of 2024. The company reported VND1.8 trillion in revenue, a 22.4% decline against the same period last year.

Its net profits in this period plunged 48% year-on-year to VND548.9 billion, attributed to a notable decrease in the gross profit margin from 53% to 40.3%.

The firm looks to book nearly VND10.6 trillion in revenue and VND2.4 trillion in profit after tax, rising 23.5% and 10.1% over the same period last year, respectively.

Closing the trading session today, REE edged up by 2.15% over the previous session, with nearly 3.6 million shares changing hands.

Strong cash flow drove the VN-Index up to 6.3 points, or 0.74%, to 1,250.46 points, with 204 winners and 244 losers.

Trade volume totaled 981.8 million shares worth VND13.3 trillion, up 39% in volume and 26.5% in value from the previous session. Block deals contributed VND4.07 trillion to the total value.

NVL shares of developer Novaland hit the floor price amidst heavy profit-taking pressure in the market, closing at VND13,600. With a substantial trading volume of around 70.3 million shares, NVL was the most actively traded stock on the market.

Other real estate stocks like SCR, PDR, DXG and HQC also ended the session in negative territory.

Conversely, steel, fertilizer, and oil stocks gained as capital flowed into these sectors. HPG contributed significantly to the VN-Index’s 1.82% increase.

The HNX-Index of the Hanoi market gained 1.56 points, or 0.67%, compared to yesterday at 234.52, with 107 advancers and 77 decliners.

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