GELEX approved to buy shares of Eximbank

08/05/2024 15:09 PV Print article

ANTD.VN - If the transaction is successful, GELEX will increase its expected ownership ratio to 10% of Eximbank's charter capital, becoming a major shareholder of this bank.

Accordingly, the State Bank's approval document has agreed to allow GELEX to purchase shares of Eximbank through order matching and/or negotiation via the securities trading system of the Ho Chi Minh City Stock Exchange in 2024.

Thus, it is likely that GELEX will become the largest institutional shareholder of this bank with an expected ownership ratio of up to 10% of charter capital. This is also the maximum ownership ratio that an institutional shareholder is allowed to have at a credit institution according to the provisions of the Law on Credit Institutions 2024.

Previously, on July 1, 2024, Eximbank announced the list of shareholders owning more than 1%. At that time, GELEX also owned 4.9% of the bank's shares.

GELEX will become a major shareholder of Eximbank.

GELEX Group was established in 1990, operating in two core areas: electrical equipment manufacturing and infrastructure, industrial parks with a strong brand ecosystem including names such as: CADIVI, THIBIDI, Viglacera.

Currently, GELEX has more than 50 member and affiliated companies with total assets as of June 30, 2024 reaching VND 52,442 billion.

In the first 6 months of the year, GELEX recorded a consolidated pre-tax profit of VND 1,770 billion, achieving 92.1% of the profit target for the whole year of 2024. In particular, GELEX's pre-tax profit grew strongly due to the contribution from financial profit from the completion of 3/4 renewable energy projects for partner Sembcorp.

Regarding Eximbank, there have been many improvements in business activities recently. In the first 6 months of the year, Eximbank's pre-tax profit was 1,475 billion VND. Although only completing 28% of the year's plan, the bank's profit picture has shown optimism as business profits have increased gradually each quarter.

According to a newly published report by MB Securities, in the first 5 months of this year, Eximbank recorded a credit growth rate of up to 5.3% compared to the beginning of the year, much higher than the industry average of 2.4%.

Eximbank is one of the banks with the best NIM improvement compared to 2023. (Source: MB Securities)

As of June 30, 2024, Eximbank's total assets reached VND 211,999 billion, an increase of 5.3% over the end of last year.

Source: https://www.anninhthudo.vn/gelex-duoc-chap-thuan-mua-co-phan-cua-ngan-hang-eximbank-post585074.antd