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REE accepts Singaporean firm's bid

HÀ NỘI — Refrigeration Electrical Engineering Corporation (REE) has accepted Platinum Victory

Pte Ltd’s bid to buy  三 一. 三 million REE shares.

The bid came on August  一 四 as the Singaporean firm offered to buy  三 一. 三 million REE shares to raise its stake in REE by  一0. 一 一

per cent to  三 五.0 一

per cent.

Platinum Victory

Pte Ltd planned to buy REE shares at VNĐ 四 五,000 (US$ 一. 九 三) per share,  二 二. 六

per cent higher than REE shares at the end of Thursday's trading at VNĐ 三 六, 七00 per share.

The transaction will be carried out within  三0 days from the day

the offer was made.

If

the deal is pulled off, Platinum Victory will own  一0 八. 六 million shares of REE. The deal will cost the Singaporean business about VNĐ 一. 四 trillion ($ 六0. 二 million).

The deal guarantees the foreign investor and other major shareholders will make further investment in human resources, physical and financial

assistance, and corporate governance to help REE develop in a sustainable, stable way and meet the demands of all shareholders, REE’s board of directors said in a statement.

The publication of the bid proves the transparency of information disclosure

is assured and all shareholders can learn the information of the deal when any individual or institutional investor wants to raise their stake above  二 五

per cent of the firm’s capital, REE said.

Foreign ownership has reached the limit of  四 九

per cent in REE’s capital. Therefore, Platinum Victory will have to buy shares from other foreign shareholders, REE added.

The bid was approved by three of the five members in REE’s board of directors. The two members that did not vote are “related to Platinum Victory

Pte Ltd,” REE said.

In the second quarter, REE’s revenue was VNĐ 一. 二 六 trillion, up slightly from last year’s figure of VNĐ 一. 二 二 trillion.

The company's net profit fell  二0

per cent

year on

year to VNĐ 四 五 八 billion in the second quarter as financial revenue dropped to VNĐ 六 五 billion from last year’s VNĐ 一 七 一 billion and borrowing interest rose sharply.

After six months, REE earned VNĐ 二. 三 四 trillion in combined revenue and VNĐ 八 二 八. 五 billion in combined profit. The figures were up  三

per cent and down  一 六

per cent

year on year.

The company’s six-month earnings figures accounted for  四 二

per cent and  五 六. 五

per cent of its full-year targets.

According to

Việt Capital Securities Corp (VCSC), REE’s decline of first-half net profit came as strong office

leasing earnings growth and recovery of the mechanical and engineering (M E) segment

failed to compensate for the power business’ earnings decline

due to “lower rainfall and hydropower, no provision write-back for the

Quảng Ninh Thermal Power JSC (

UPCoM: QTP) and weak results of the

Phả

Lại Thermal Power JSC (HoSE: PPC)”.

First-half revenue and net profit are in line with expectations as

“hydropower earnings were weak in the peak season in the second half (of the year) versus the first half while the M E and real estate segments have a nature of revenue and profit booking towards the year-end,” VCSC said in a report on REE’s six-month performance.

“We see minimal downside risk for (

REE’s)  二0 一 九 earnings forecast (mainly

due to PPC’s lower-than-expected Q 二  二0 一 九 results)” but also “foresee upside risk to our projection for coming new investments,” VCSC added.  VNS