Refrigeration and Electrical Engineering Corporation (REE), one of Vietnam’s largest listed firms, said it will issue new shares to raise at least $19.8 million to invest in real estate and a power plant.
REE said it would invest in a 300MW thermal power plant it plans to run with several partners. Around $250 million is needed to build the project. The new projects would diversify the company’s scope of operations, which includes electrical engineering, manufacturing of washing machines, refrigerators, air-conditioners and also refrigeration and real estate services.
REE has also moved into commercial property, with the 30,000sqm e-Town almost fully occupied and a second e-Town 50 per cent pre-rented and due for completion by the end of this year.
REE has a large investment portfolio, with the biggest holding being a 5 per cent in Ho Chi Minh City-based Sacombank, the country’s largest joint stock commercial bank.
With the market cap of $170m, REE ranks sixth among Vietnam’s top listed firms, behind Sacombank, Vinamilk, Vinh Son-Song Hinh Power Plant Company, Gemadept and Sacom.
The foreign ownership limit of 49 per cent at REE is full.
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