Friday, October 4,2024 - 11:50 GMT+7  Việt Nam EngLish 

VNECO (VNE) will reduce its ownership in VE3 to 20% 

 Saturday, June 29,2024

AsemconnectVietnam - Vietnam Electricity Construction Joint Stock Corporation - VNECO (code VNE) recently announced the sale of part of the capital of its subsidiary, VNECO3 Electricity Construction Joint Stock Company (code VE3).

According to published information, VNE will sell part of its investment capital in VE3 and is expected to reduce its ownership ratio to about 20% of VE3 charter capital.
At VNE's 2023 annual report, the Company owns nearly 698,573 VE3 shares, equivalent to 52.93% of charter capital. With the goal of reducing ownership of VE3 to 20%, it is estimated that VNE will sell about 435,500 VE3 shares, equivalent to nearly 33% of charter capital. On the stock market, VE3 is trading around VND8,100/share. Temporarily calculated at this price, VNE can earn more than VND3.5 billion from the divestment of VE3.
Previously, from May 2024, VNE registered to sell 51,864 VE3 shares but could not sell them. By early June, VNE continued to register to sell shares and recently announced its decision to reduce its ownership ratio of VE3 to 20%.
As of the end of 2023, VNE owns 10 subsidiaries and 1 affiliated company. If divestment from VE3 is completed, VE3 will become an affiliated company of VNECO.
Regarding VNE's financial situation, in the first quarter of 2024, VE3 recorded net revenue of VND164.3 billion, down 34.5% over the same period last year. Profit after tax accordingly also decreased by 47% to more than VND1.46 billion.
Total corporate assets at the end of the first quarter were VND3,587.8 billion, down more than 4.4% compared to the beginning of the year. Of which, the enterprise has approximately VND29 billion in cash and cash equivalents; More than VND1,072 billion is short-term receivables and VND518.7 billion is inventory.
On the other side of the balance sheet, VNECO has VND2,579.7 billion in liabilities, down more than 6% compared to the beginning of the year. VNECO's short-term and long-term debt alone is VND1,030.5 billion and VND751.8 billion, respectively.
N.Nga
Source: VITIC/Tinnhanhchungkhoan
 

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