Gelex Group executed the transaction on 23/9, divesting its entire stake in Hai An Transport and Stevedoring (HAH). Previously, on 21/8, Gelex purchased 413.600 HAH shares, increasing its ownership in the shipping firm from over 9,3 million units (4,94%) to approximately 9,7 million units (5,16%). This move made Gelex a major shareholder for a brief period.

Based on the HAH stock closing price of 48.950 VND per unit on 23/9, Gelex generated nearly 480 billion VND from the deal. The market price of HAH shares has decreased by over 12% year-to-date.

A container ship of Hai An Transport and Stevedoring. *Photo: HAH*

Gelex Group, established in 1990, initially focused on electrical equipment. Over time, it expanded its operations into energy, clean water, construction materials, real estate, and industrial parks. In the first half of the year, the company reported consolidated net revenue exceeding 25.200 billion VND and after-tax profit of over 1.930 billion VND.

Beyond its investment in Hai An, Gelex's reviewed semi-annual financial report indicated stock investments totaling 5.549 billion VND. The group's largest holding is a 3.297 billion VND investment (at original cost) in Eximbank's EIB shares. Additionally, Gelex allocated 508 billion VND to VPBank Securities and 1.743 billion VND to other various stocks.

Hai An Transport and Stevedoring primarily operates in port and sea transportation. It is the largest domestic company owning a container fleet in Vietnam, comprising 18 container ships with a total capacity of approximately 29.400 TEU. For the first six months of the year, the company reported net revenue of 2.798 billion VND, a 14% increase year-on-year. After-tax profit reached 818 billion VND, up 19%.

Trong Hieu