Dragon Capital’s foreign fund group has announced the sale of GEX shares of Gelex Corporation. On February 16, Wareham Group Limited, a member fund of Dragon Capital, sold 1 million GEX shares.
After the transaction, Dragon Capital’s total ownership in Gelex decreased from 43.35 million to 42.35 million shares, equivalent to 5.09% to 4.97% of the capital. The group is no longer a major shareholder of Gelex since February 20.
Based on the closing price of GEX shares on February 16 at VND 22,350 per share, Dragon Capital is estimated to have earned about VND 22.35 billion from the sale of shares.
Changes in ownership reported by Dragon Capital
Prior to that, on February 2, Dragon Capital had also sold 2 million GEX shares through two member funds, Amersham Industries Limited (selling 1 million shares) and Vietnam Enterprise Investments Limited (selling 1 million shares). As a result, the group’s ownership ratio decreased from 52.45 million shares (6.16%) to 50.45 million shares (5.92%).
Therefore, in the first half of February 2024, Dragon Capital has sold a total of 10.1 million GEX shares, reducing its ownership from 52.45 million shares (6.16%) to 42.35 million shares (4.97%).
The move to sell millions of GEX shares by Dragon Capital comes as the share price has been flat since the beginning of the year. As of the close of February 21, GEX shares were trading at VND 22,400 per share, with a market capitalization of over VND 19,000 billion.
In terms of business activities, in 2023, Gelex recorded a net revenue of VND 29,998 billion and pre-tax profit of VND 1,398 billion, down 6.5% and 32.7% respectively compared to 2022. However, the company achieved 80% of its revenue target and exceeded its profit target by 10% as approved by the shareholders’ meeting.
As of the end of 2023, Gelex’s consolidated total assets were VND 55,076 billion, with equity of VND 21,225 billion. The financial indicators were all at a safe level.
At the annual shareholder meeting in 2024, which will take place on March 28, the company’s management will present specific business targets for 2024 to the shareholders for approval.
