Sembcorp acquires GELEX energy project shares.
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- Enterprise
- 09:59 17/11/2023
DNHN - Sembcorp Solar Vietnam Pte Ltd, a wholly-owned subsidiary of Sembcorp (Singapore), has recently reached an agreement to acquire a majority stake in the company's 245 MW renewable energy portfolio, the company disclosed. GEX.

Sembcorp reports that regulatory and other approvals are necessary for the transaction to be finalized, with an anticipated completion date of the first half of 2024. Additionally, the Singapore-based firm declared its intent to continue exploring opportunities with Gelex in Vietnam about renewable energy.
Before this, GELEX announced at its annual shareholder meeting that it would seek partners to optimize investment resources and restructure its renewable energy investment portfolio.
Vietcap projects that the divestment of Gelex could generate pre-tax profits in the hundreds of billions. Nevertheless, the company anticipates diminished risks to its net profit forecast for the period 2025-2027 after Gelex's removal from the list. sector of renewable energy, although a more comprehensive evaluation is required.
Regarding the business operations of Gelex, the company generated revenue amounting to 24,728 billion VND during the initial nine months of 2023, reflecting a growth of 13% compared to the corresponding period in the previous year. The electricity segment generates an amount of VND 12,234 billion in revenue. Upon subtracting costs and expenses, the organization achieved a net profit of 351 billion VND, reflecting a growth of 19%.

VCSC currently allocates an estimated pre-tax profit from divestment for GELEX Group between VND 800 billion and VND 1,100 billion, based on the maximum equity value of the company's renewable energy portfolio. This may significantly contribute to GELEX Group's increased profits in 2024.
Before that, GELEX Group's leadership stated at the 2023 Annual General Meeting of Shareholders that the organization would conduct research, select, evaluate, and execute potential capital investment and M&A opportunities. GELEX organization and member firms).
On November 14, GEX shares were trading at a reference price of 22,000 VND per share on the stock market, representing an almost 81% increase since the start of the year.
PV (t/h)
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