14.01.2021, 02:37

Baoviet Fund replaces Gelex Infrastructure as a major shareholder of Nam Mu Hydropower


Baoviet Fund replaces Gelex Infrastructure as a major shareholder of Nam Mu Hydropower

Gelex infrastructure has sold more than 2.5 million shares of HJS, reducing its ownership to 4%, which means only holding 840,962 shares of HJS. Gelex Infrastructure is a subsidiary of Vietnam Electrical Equipment Corporation (Gelex, HoSE: GEX) with a holding rate of 100%, charter capital of 2,700 billion VND, and business activities are mainly to manage investments in energy and infrastructure.

It is known that Gelex’s subsidiary became a major shareholder of Nam Mu Hydropower on December 31, 2020 when successfully gathered 3.4 million shares of HJS, equivalent to 16.23% of its charter capital. Thus, the holding time of major shareholder at the Nam Mu Hydropower Plant of Gelex Infrastructure is only 1 week.

On the same day that Gelex Infrastructure withdrew from the list of major shareholders, another application started to invest in Nam Mu Hydropower. According to the announcement from the HNX, Bao Viet Value Investment Fund (BVIF) has successfully purchased 5.1 million HJS shares, officially becoming a major shareholder holding 24.29% capital of Nam Mu Hydropower.

Based on the market price of HJS, the estimated amount that BVIF spent in this investment is 193 billion dong. BVIF is a member fund of Bao Viet Fund Management Company Limited (Baoviet Fund), established in October 2015 with 4 members and a charter capital of 1,000 billion VND.

By the end of the third quarter of 2020, major shareholders of Nam Mu Hydropower include Song Da 9 Joint Stock Company (holding 51% of capital) and Mr. Vo Anh Linh (holding 9.8% of capital). Post and Investment Construction Joint Stock Company sold more than 5.11 million shares of HJS (equivalent to 24.38% of capital) in the second quarter and withdrew from the list of shareholders of Nam Mu Hydropower.

Regarding the operation of Nam Mu Hydropower, accumulated revenue in the first 9 months of 2020 reached more than 151 billion VND, an increase of 16.5% over the same period in 2019. Nam Mu Hydropower reported cumulative profit after tax of 42, 7 billion, growth at approximately 8%. With this result, Nam Mu Hydropower has completed 94% of the revenue plan and 89% of the profit plan.

Nam Mu Hydropower was established in 2003 under Decision No. 37 / TCT-TCĐT, changing the Nam Mu hydropower plant into Nam Mu Hydropower Joint Stock Company. At the same time, Song Da Corporation – the investor of Nam Mu Hydropower Plant handed over the management of state capital at Nam Mu Hydropower Joint Stock Company to Song Da 9 Joint Stock Company, currently a shareholder. the largest of this company.

The other two founding shareholders of Nam Mu Hydropower are Binh Minh Production, Trading – Import – Export Company and Song Da Cement Joint Stock Company.

Source: vietnamfinance.vn – Translated by fintel.vn