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Saturday, February 4, 2023

Vinaconex to sell majority stake in electromechanical subsidiary

The Saigon Times

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HCMC – Vietnam Construction and Import-Export Joint Stock Corporation (Vinaconex) plans to sell over 90% of its shares in its wholly-owned subsidiary Vinaconex Electromechanical JSC (Vinaconex M&E).

Vinaconex, whose VCG shares are traded on the Hochiminh Stock Exchange, on January 11 announced its capital restructuring plan for the electromechanical subsidiary.

Under this plan, Vinaconex will sell six million shares of Vinaconex M&E. Once the deal is done, Vinaconex remains a large shareholder of Vinaconex M&E, or holding a 5% stake or 500,000 shares of the latter.

Earlier, Vinaconex contributed VND10.2 billion to hold a 51% stake in Vinaconex Viet Tri Investment JSC in October last year.

Regarding its business performance, Vinaconex saw its revenue between January and September 2022 soaring 86% year-on-year at around VND6.7 trillion. Its after-tax profit in the given period rose nearly three-fold against the 2021 figure, at VND969 billion.

Closing the session today, January 13, VCG declined 3.19% at VND19,700.

The benchmark VN-Index of the HCMC market gained 3.78 points, or 0.36%, over the session earlier at 1,060.17, with 168 advancers and 197 decliners.

More than 506 million shares worth some VND8.7 trillion changed hands on the southern bourse, improving 32.3% in volume and 42.2% in value against the previous session. Shares transacted in block deals accounted for over VND4.5 trillion of the overall value.

During this session, stocks in the financial sector were the major contributors to the main index’s gain, with lots of bank, securities, and insurance stocks closing in positive territory.

Lender VPB was the best performer among the bank stocks as it advanced 3.74%.

In the group of securities stocks, VCI made the biggest gain, at 3.4%, while its fellows FTS and BSI inched up over 2% each.

Besides, many stocks in the electricity sector closed on an upbeat note. GEX stole the limelight as it surged 3% and led the southern bourse by liquidity with 26.79 million shares traded. Other stocks in the field such as COM, PPC and CAV also made gains.

Meanwhile, stronger selling pressure led the HNX-Index on the northern bourse to reverse course. It shed 0.68 points, or 0.32% compared to yesterday at 211.26, with 66 winners and 76 losers. Brokerage SHS was the most actively traded stock of the Hanoi market, with a matching volume of 18.87 million shares.

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