Intellasia East Asia News – IDICO establishes electricity generation firm

IDICO Corporation, whose IDC shares are listed on the Hanoi Stock Exchange, has announced to establish Idergy Joint Stock Company specialising in electricity generation.

The new firm also operates in electricity transmission and distribution, machinery and equipment repair and installation, and power project development.

Idergy’s charter capital is VND100 billion, with 99.99 percent contributed by IDICO and the remainder by other shareholders.

IDICO has assigned Nguyen Van Vu, secretary to IDC general director, to hold a 39.99 percent stake on behalf of IDICO in Idergy. Vu will join the Idergy board of directors in the 2022-2027 tenure via a vote, and is expected to hold the post of board chair and director at Idergy.

In addition, IDICO entrusts Nguyen Anh Dung and Mai Quoc Chinh, who are senior executives at the firm, to represent IDICO to hold a 30 percent stake each in Idergy.

In the first half of 2022, IDICO saw its revenue soaring 115.7 percent and after-tax profit shooting up 5.1 times against the same period last year at over VND4.9 trillion and VND1.7 trillion, respectively.

Closing the trading session today, September 21, IDC inched up 0.19 percent against the previous session at VND53,100.

The benchmark VN Index of the HCM City market shed 8.38 points, or 0.69%, over the session earlier at 1,210.55, with 138 advancers and 305 losers.

Trade on the southern bourse contracted nearly 18 percent in volume and over 13 percent in value versus yesterday at over 389 million shares and VND9.6 trillion, the lowest liquidity in nearly two years. Shares traded in put-through transactions contributed more than VND2.2 trillion to the overall value.

In the VN30 basket, dairy firm VNM closed on an upbeat note as it increased 1.5 percent to VND76,900. Besides, insurer BVH and brewery company SAB reversed course to end higher.

Meanwhile, property developer KDH was the biggest decliner in the basket, plunging 5.8 percent to VND111,100. Mobile phone retailer MWG dipped 2.4 percent to end at its intraday low.

On the Hanoi bourse, the HNX-Index lost 1.82 points, or 0.68%, against yesterday at 265.09, with 69 stocks rising and 100 others falling. More than 46 million shares worth around VND1 trillion were traded on bourse, down over 20 percent in volume and 10 percent in value.


Category: Business, Vietnam

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