Sembcorp acquires GELEX energy project shares.
- 128
- 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)
Related news
- Long An - Jeju Cooperation: Enhancing Local Friendship Ties
- Ministry of Finance: Corporate bond maturity volume in 2024 will decrease compared to last year
- Long An continues to push for Korean investment - Promoting comprehensive development collaboration
- Sunwah Group signed strategic partnership with Binh Duong province, Emphasising the strategic cooperative partnership between China and Vietnam
- National Assembly Chairman Vuong Dinh Hue received and worked with the Chairman of Sunwah Group (Hong Kong-China)
- Dr Vu Tien Loc: Unlocking the real estate market to boost the economy is a crucial solution
- Ba Ria - Vung Tau: 4 key areas of industry, seaports, tourism and high-quality services planned to attract investment
- Financial solutions for the global supply chain in Vietnam
- Viettel ranks second in global telecoms brand index
- Vietnam’s steel imports are estimated to exceed US$4 billion by the end of the first quarter of 2024
- Acting President Vo Thi Anh Xuan meets a delegation of the Vietnam Young Entrepreneurs Association
- State-owned enterprises to play a leading role in the economy
- Ensuring power supply - a key factor for FDI enterprises to invest in Vietnam
- South Korea to approve projects supporting Vietnam’s agricultural development
- Thanh Hoa Business Association: Seminar and Business Networking in Trieu Son District
- Binh Thanh Business Association organised March’s “Business Start-up and Management” Coffee Talk
- Vietnamese businesses dominate market share in Japan
- Important seafood industry groups exported to Australia
- Prime Minister encourages Australian companies to make investments in fresh growth drivers in Vietnam
- Foreign E-commerce businesses pay over 2,000 billion VND in tax in the first two months of the year
Đọc thêm Enterprise
Sunwah Group signed strategic partnership with Binh Duong province, Emphasising the strategic cooperative partnership between China and Vietnam
“As Chairman of the Sunwah Group (Hong Kong), I am proud that our efforts over the past 55 years in Vietnam played a significant role in fostering economic cooperation and mutual development between Vietnam and China.” - Dr Jonathan Choi shared.
VinFast returns to the sales battle with the automotive industry giants in Vietnam
In 2024, VinFast aims to sell 100,000 electric vehicles, a figure that far exceeds the number of vehicles sold by Hyundai - the brand that led the market in sales in Vietnam last year.
Dr Vu Tien Loc: Unlocking the real estate market to boost the economy is a crucial solution
According to Dr Vu Tien Loc, a National Assembly delegate and Chairman of the Vietnam International Arbitration Centre, unlocking the real estate market to boost the economy is a crucial solution.
BIDV suggests financial solutions to advance sustainable development
Recently, at the Trade Finance Forum 2024, a representative of the Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) proposed several financial solutions to promote trade finance to combat climate change.
SaigonTex & SaigonFabric 2024 to bring together businesses from 20 nations and territories
SaigonTex & SaigonFabric 2024 will feature specialist workshops on policies, the circular economy, green transition and digital transformation in the textile and garment industry.
Traphaco anticipates record earnings in 2024
Traphaco’s Board of Directors expects gross profit in 2024 to reach VND303 billion, up 6% year-on-year.
VinFast Officially Joins a New Market
According to VinFast representatives, the cooperation with one of the largest car distribution companies in Micronesia affirms VinFast’s international reputation.
BIDV took part in the National Investment Forum on "Inclusive Business in Agriculture and Food Systems"
On March 15, 2024, in Ho Chi Minh City, a representative of the Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) participated in the event “National Investment Forum on Inclusive Business in Agriculture and Food Systems”.
VPBank Technology Hackathon 2024 – an innovative playground for technology talents
VPBank Technology Hackathon 2024 is a large and creative technology playground aimed at tech talents, especially young talents graduating from universities in the Information Technology and Data Science groups with excellent academic records.
Thanh Hoa Business Association: Seminar and Business Networking in Trieu Son District
In 2024, Thanh Hoa Provincial Business Association aims to connect and network with businesses in the province. Businesses meet each other on many business trips but have never visited each other, so they have not had the opportunity to cooperate.