Singapore’s Platinum Victory plans to buy three million shares in REE

Platinum Victory Pte Co Ltd, a wholly-owned subsidiary of Singapore-based automotive group Jardine Cycle and Carriage, plans to buy three million shares of the Refrigeration Engineering Corporation (REE).

Singapore’s Platinum Victory plans to buy three million shares in REE

Air-conditioners built by Refrigeration Electrical Engineering Corporation (REE) (Photo: reecorp.com)

After the purchase, Platinum Victory will increase its ownership in REE from 28.97 percent to nearly 30 percent, equivalent to more than 93 million shares.

Trading time is scheduled from December 5 this year to January 3 next year via order matching and agreement method.

On the stock market, REE shares are trading at around 36,000-38,000 VND (1.6-1.7 USD) while the offer price of Platinum Victory is 45,000 VND per share, 20-25 percent higher.

Based on the current market price, Platinum Victory will spend about 108 billion VND (4.7 million USD) to buy the three million shares of REE.

Previously, Platinum Victory had just finished the purchase of more than 12.6 million REE shares, equivalent to 40 percent of the company’s capital.

Recently, REE has actively invested in the electricity and water sector. In 2019, the company plans to use 100 million USD mobilised from the recent bond issuance as well as the 2018 undistributed profit, totalling 2 trillion VND, for M&A activities in these segments.

 

By the end of the third quarter this year, REE has been investing in 20 associate companies with a total investment of nearly 6.6 trillion VND, most of whom are operating in the fields of water and electricity.

As for electricity, REE is investing in nine associate companies with a total investment of more than 4.3 trillion VND, of which investment into Pha Lai Thermal Power Co Ltd accounts for the highest proportion with a value of more than 1.45 trillion VND, equivalent to an ownership rate of more than 24.1 percent.

In the first nine months of this year, REE’s net revenue reached 3.56 trillion VND, up 2.9 percent year-on-year and completed more than 66 percent of the yearly plan.

Post-tax profit reached more than 1.24 trillion VND, down 4.5 percent against last year and completed 84.8 percent of the annual target./.VNA

Vietnam’s booming fintech funding on Singapore’s heels

Vietnam’s booming fintech funding on Singapore’s heels

Vietnamese financial technology startups are quickly catching up with Singapore in attracting Southeast Asian venture capital funding, according to the Japan-based Nikkei Asian Review.

Singaporean e-logistics groups making waves in Vietnam

Singaporean e-logistics groups making waves in Vietnam

Singaporean investors are continuing to pour capital into e-logistics firms to tap into the fast-growing market in Vietnam.

 
 

Other News

.
EVFTA to come into effect in a month
EVFTA to come into effect in a month
BUSINESSicon  02/07/2020 

The EVFTA will abolish 65 per cent of the duties on EU exports to its developing partner, with the remainder phased out over a 10-year period.

China maintains position as Vietnam's largest import market
China maintains position as Vietnam's largest import market
VIDEOicon  02/07/2020 

Despite the first half of the year seeing Vietnamese export turnover to China only reaching a mere US$34.8 billion, China retained its place as the country’s largest import market, according to the General Statistics Office.

Retail industry to face being "swallowed" once EVFTA comes into force
Retail industry to face being "swallowed" once EVFTA comes into force
BUSINESSicon  02/07/2020 

With the implementation of the EU-Vietnam Free Trade Agreement looming, besides providing opportunities, the Vietnamese retail market is anticipated to face numerous challenges, 

Vietnam sees greater budget transparency
Vietnam sees greater budget transparency
BUSINESSicon  01/07/2020 

Vietnam’s Open Budget Index (OBI) increased rapidly in 2019 compared to 2018, according to a survey released on July 1.

Vietnam to create “Miracle on the Red River” with implementation of Doi Moi 4.0
Vietnam to create “Miracle on the Red River” with implementation of Doi Moi 4.0
BUSINESSicon  01/07/2020 

The Vietnamese Government has made bold and reasonable decisions to fight against the COVID-19 pandemic and be proactive with comprehensive initiatives for economic recovery.

Administrative reforms would help unlock EVFTA's potential: EuroCham
Administrative reforms would help unlock EVFTA's potential: EuroCham
BUSINESSicon  01/07/2020 

 Administrative procedure reform is the key to unlocking the full potential of the Europe-Viet Nam Free Trade Agreement (EVFTA), said participants at a conference on Tuesday.

Nation’s economic forecast leads way
Nation’s economic forecast leads way
BUSINESSicon  01/07/2020 

With its success in fighting COVID-19, Vietnam has continued to be the best performer in Southeast Asia, laying a firm foundation for the country to attract more investment and spur on production.

HCM City seeks faster switch to cashless payment
HCM City seeks faster switch to cashless payment
BUSINESSicon  01/07/2020 

Nguyen Anh Duc, general director of Saigon Co.op, said the rate of cashless payment at its system, including Co.opmart, Co.opXtra, Co.op Food, and Co.op Smile, has increased sharply since last year from 3-5 percent to nearly 21 percent now.

A promising future for Vietnam after COVID-19
A promising future for Vietnam after COVID-19
BUSINESSicon  01/07/2020 

With an increasingly open business environment, and continuing international integration, Vietnam has long been regarded as a promising destination for foreign investment.

Mid-term rural, agricultural survey to begin on July 1
Mid-term rural, agricultural survey to begin on July 1
BUSINESSicon  01/07/2020 

A mid-term survey on rural areas and agriculture will be carried out in Vietnam’s 63 cities and provinces from July 1, the General Statistics Office (GSO) has announced.

Da Nang sees minus economic growth for first time in over 20 years
Da Nang sees minus economic growth for first time in over 20 years
BUSINESSicon  01/07/2020 

The central city of Da Nang saw its GRDP for the first half of the year contract by 3.61 percent from the same period in 2019, the first time since the city became a centrally-run locality in 1997.

Old barriers prevent Covid-19-hit businesses from accessing preferential loans
Old barriers prevent Covid-19-hit businesses from accessing preferential loans
BUSINESSicon  01/07/2020 

Small enterprises complain they cannot access the preferential lending program, while banks say hundreds of trillions of dong are ready for disbursement.

Bad debts return, bank profits fall
Bad debts return, bank profits fall
BUSINESSicon  02/07/2020 

Along with implementing better provisions against credit risks, commercial banks are stepping up the sale of mortgaged assets to collect debts.

Vietnam Railways estimates a $60 million loss due to pandemic
Vietnam Railways estimates a $60 million loss due to pandemic
BUSINESSicon  30/06/2020 

Vietnam Railway Corporation (VNR) estimates a loss of nearly VND1.4 trillion (US$60 million) after tax in 2020, a massive blow to the company due to impacts of the COVID-19 pandemic.

Construction materials industry faces challenges
Construction materials industry faces challenges
BUSINESSicon  01/07/2020 

Thai Duy Sam, vice chairman of Vietnam Building Material Association, speaks  about challenges and shortcomings in production technology and environmental protection for the construction materials industry.

VN records positive growth amid gloomy global forecasts
VN records positive growth amid gloomy global forecasts
BUSINESSicon  30/06/2020 

Vietnam’s gross domestic product (GDP) expanded 1.81 per cent year-on-year during the first half of this year, the lowest six-month growth pace since 2011, according to the General Statistics Office (GSO).

Patents in Vietnam increase 56 percent
Patents in Vietnam increase 56 percent
BUSINESSicon  30/06/2020 

The number of patents has increased by 56.7 per cent in the first five months of this year compared to the same period last year.

EVFTA a big opportunity for firms after COVID-19 shock: ministry
EVFTA a big opportunity for firms after COVID-19 shock: ministry
BUSINESSicon  30/06/2020 

The European Union Free Trade Agreement (EVFTA) will create significant opportunities for Vietnamese firms to recover and develop after the COVID-19 pandemic, 

Kweichow Moutai: 'Elite' alcohol brand is China's most valuable firm
Kweichow Moutai: 'Elite' alcohol brand is China's most valuable firm
BUSINESSicon  30/06/2020 

Kweichow Moutai's share price rockets thanks to its popular and sought-after baijiu drink.

Exporters advised to shift focus to ASEAN markets in face of COVID-19
Exporters advised to shift focus to ASEAN markets in face of COVID-19
BUSINESSicon  30/06/2020 

Experts have urged Vietnamese exporters to shift their attention to neighbouring ASEAN markets given that COVID-19 continues to wreak havoc on major markets such as the EU and the US, a recent conference heard.

 
 
 
Leave your comment on an article

OR QUICK LOGIN