GELEX was approved to buy shares of Eximbank

Accordingly, the State Bank's written approval has agreed to let GELEX buy Eximbank's shares through order matching and/or agreement trading through the stock trading system of the Ho Chi Minh City Stock Exchange. in 2024.

Thus, it is likely that GELEX will become the largest institutional shareholder of this bank with an expected ownership ratio of 10% of charter capital. This is also the maximum ratio that an institutional shareholder can own at a credit institution according to the provisions of the Law on Credit Institutions 2024.

Previously, on July 1, 2024, Eximbank announced the list of shareholders owning more than 1%. At that time, GELEX also owned 4.9% of this bank's shares.

GELEX Group was established in 1990, operating in two core areas: Electrical equipment manufacturing and Infrastructure, industrial parks with a strong brand ecosystem including names such as: CADIVI, THIBIDI, Viglacera.

Currently, GELEX has more than 50 member and affiliated companies with total assets as of June 30, 2024 reaching 52,442 billion VND.

In the first 6 months of the year, GELEX recorded a consolidated pre-tax profit of up to 1,770 billion VND, achieving 92.1% of the profit target for the whole year 2024. In particular, GELEX's pre-tax profit grew strongly due to contributions from Financial profit from completing 3/4 renewable energy projects for partner Sembcorp.

Regarding Eximbank, there have been many improvements in business activities recently. In the first 6 months of the year, Eximbank's pre-tax profit was 1,475 billion VND. Although only 28% of the year's plan has been completed, the bank's profit picture has shown positivity as business profits gradually increase each quarter.

According to a newly published report by MB Securities, in the first 5 months of this year, Eximbank recorded credit growth of up to 5.3% compared to the beginning of the year, much higher than the industry average of 2%. .4%.

As of June 30, 2024, Eximbank's total assets reached VND 211,999 billion, an increase of 5.3% compared to the end of last year.