After numerous failed attempts to match the order, a Singaporean shareholder placed a buy order for REE shares at 80,000 VND.

Platinum Victory's bid price is nearly 20% higher than the market price. If successful, the Singaporean shareholder will increase its ownership in REECorp to over 35%.

Refrigeration and Electrical Engineering Joint Stock Company announces receipt of the amended and supplementary registration documents for the public tender offer for REE shares from shareholder Platinum Victory.

Accordingly, the foreign fund Platinum Victory has registered a public tender offer to acquire 4 million REE shares, equivalent to 0.85% of the charter capital, in order to increase its ownership stake. The expected public tender offer price is 80,000 VND per share, meaning the fund would have to spend approximately 320 billion VND to acquire the aforementioned REE shares. Notably, the current market price of REE on the stock exchange is only 67,800 VND per share (closing price on August 13). The tender offer price is nearly 20% higher than the market price.

Currently, Platinum Victory is the largest shareholder of REE, owning over 164 million shares, equivalent to 34.85%. If the public tender offer is successful, Platinum Victory will hold over 168 million REE shares (35.7%).

Previously, from June 12th to July 13th, Platinum Victory registered to buy 300,000 REE shares, but by the end of the trading period, the organization was unable to purchase any shares due to unfavorable market conditions. Prior to this, the Singaporean shareholder had made several attempts to buy shares but failed to complete the transactions.

According to the Q2/2024 financial report, REE's net revenue reached over VND 2,181 billion, almost unchanged compared to the same period last year. Meanwhile, the cost of goods sold increased by 16%, resulting in a gross profit of only VND 680 billion, a decrease of 23%. In addition, profits from associated companies decreased by 37% to over VND 113 billion, pushing REE's after-tax profit to only nearly VND 404 billion, a decrease of 35% compared to the same period last year, the lowest in 11 quarters since Q3/2021. After-tax profit attributable to shareholders of the parent company decreased by 27% to VND 355 billion.

REE stated that the main reason for the decline in business results was the significant drop in performance of its hydropower subsidiaries compared to the same period last year, such as Vinh Son Song Hinh Hydropower (VSH), Thac Mo Hydropower (TMP), Thac Ba Hydropower (TBC), and Central Hydropower (CHP). These units were affected by El Nino, resulting in unfavorable hydrological conditions, which reduced electricity production and profits. REE's electricity revenue decreased by 19% compared to the same period last year, reaching VND 943 billion.

For the first six months of the year, REE recorded net revenue of VND 4,019 billion, a 12% decrease compared to the same period last year. After-tax profit was VND 952 billion, a 43% decrease. With these results, the company has achieved approximately 40% of its full-year profit target. According to experts, the company's business is expected to accelerate in the second half of the year, especially in the energy sector, as the La Nina phase returns. REE currently owns a portfolio of energy projects with a total capacity of 2,820 MW, including hydropower (1,436 MW), thermal power (1,140 MW), and renewable energy (244 MW).

Source: https://baodautu.vn/nam-lan-bay-luot-khop-lenh-co-dong-singapore-dat-mua-co-phieu-ree-gia-80000-dong-d222382.html