In specific, Tran Phu Cable sold 7.95 million shares of GEE on February 2nd, earning nearly 200 billion VND, equivalent to a selling price of 25,000 VND per share, most likely through a negotiated agreement. In this session, a negotiated transaction appeared with the same volume of shares that Tran Phu Cable sold, while only 246.3 thousand shares were matched on the exchange.
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Trading volume of GEE shares on February 2nd, 2024
Source: VietstockFinance
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Tran Phu Cable was established in 1965 based on the merger of 2 enterprises belonging to the Hanoi Construction Department, specializing in the production of mechanical equipment for the construction industry. |
After the transaction, Tran Phu Cable reduced its ownership in GEE from 22 million shares (7.33% stake) to 14.05 million shares (4.683% stake), which means it is no longer a major shareholder in GEE.
It is worth noting that Tran Phu Cable quickly left the position of a major shareholder because on June 16, 2023, the company’s ownership in GEE exceeded the 5% threshold thanks to the purchase of 2.8 million shares, and then 4 days later, it continued to buy an additional 5.2 million shares to increase its ownership to 22 million shares. Most likely, both of these transactions were also conducted through negotiated agreements, with the purchase price also being 25,000 VND per share. During that period, the stock price of GEE fluctuated but the final figure did not change much compared to the beginning.
| Share price movement of GEE during the period Tran Phu Cable was a major shareholder |
Regarding the business situation, in the last 2 quarters of 2023, GEE recorded growth in net revenue compared to the previous quarter and the same period last year. However, net profit in the fourth quarter decreased, mainly due to a sharp decrease in financial revenue of nearly 95 billion VND from the sale of investments, while in the same period last year, profit was nearly 320 billion VND.
For the whole year 2023, GEE achieved net revenue of over 16.607 trillion VND, which did not change much compared to the previous year. After-tax profit was nearly 799 billion VND, a decrease of 18% (close to the annual plan of nearly 778 billion VND) and net profit was 750 billion VND, a decrease of 15%.
| Business results by quarter of GEE in the last 2 years |
One of the highlights during Tran Phu Cable’s tenure as a major shareholder in GEE may come from receiving 3 cash dividend distributions with a total rate of 20% (equivalent to receiving 2,000 VND for each share), including a 5% rate in the 3rd quarter of 2022, a 10% rate in the 1st quarter of 2023, and a 5% rate in the 2nd quarter of 2023. With 22 million shares owned during the qualifying period, Tran Phu Cable naturally received 44 billion VND in dividends from GEE.
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Dividend history of GEE in recent period
Source: VietstockFinance
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