The Ho Chi Minh City Stock Exchange (HoSE) has just announced the delisting of CAV shares of Vietnam Electric Cable Corporation (Cadivi). The effective delisting date is July 18 and the last trading date is July 17, 2024. The delisting volume is a total of 57.6 million shares, equivalent to a charter capital of VND576 billion.
According to HoSE, the reason for delisting is that Cadivi revoked its public company status, according to the announcement of the State Securities Commission, based on Point a, Clause 1, Article 120 of Decree No. 155/2020/ND-CP dated December 31, 2020.
It is known that Cadivi was established on October 6, 1975, as a business specializing in the production of electric wires and cables. After many changes in name and ownership, on August 8, 2007, Cadivi converted its operating model to a joint stock company.
According to the introduction, the company has 3 factories and 2 member companies with a distribution system to more than 200 level 1 agents nationwide. Production capacity is 60,000 tons of copper/year, 40,000 tons of aluminum/year and 20,000 tons of PVC plastic granules/year.
Cadivi listed its shares on HoSE in late 2014. By 2021, this stock will move trading from HoSE to HNX and then return to HoSE due to system conversion.
Currently, CAV shares are trading at VND 72,200/share, 12% higher than at the beginning of the year and approaching the historical peak of VND 74,300/share set in early April. The company's market capitalization is over VND 4,150 billion.
In 2024, Cadivi plans to have consolidated revenue of VND 11,068 billion, up 10% over the previous year, and pre-tax profit of VND 460 billion, down 13%.
Cadivi currently has only one major shareholder, Gelex Electric (stock code: GEE), owning 96.46% of capital. Accordingly, the company no longer meets the conditions of being a public company as prescribed in Securities Law No. 54/2019/HQ14.
At the recent shareholders' meeting, major shareholder Gelex Electric committed to buy back all shares held by the remaining shareholders if there is a need to transfer and depending on the agreement of both parties. The company has no plans to re-list.
Source: https://vov.vn/thi-truong/chung-khoan/huy-niem-yet-gan-58-trieu-co-phieu-cav-cua-cadivi-tu-ngay-187-post1102702.vov
Comment (0)