Singapore’s Platinum Victory seeks to raise stake in Vietnam’s REE to nearly 45%

Singaporean fund Platinum Victory Pte. Ltd. has registered to buy another 16.8 million shares in Ho Chi Minh City-based utility firm Refrigeration Electrical Engineering Corporation (REE), aiming to increase its ownership to nearly 45%.

The share acquisition will be executed through either put-through or order-matching transactions on the Ho Chi Minh Stock Exchange, or transactions via the Vietnam Securities Depository and Clearing Corporation between December 16, 2024, and January 24, 2025.

Upon completion, Platinum Victory will hold a total of 211.9 million REE shares, or 44.99% stake in the Vietnamese company.

Before this latest registration, the Singaporean fund successfully acquired nearly 27 million out of the 30 million REE shares it had registered to purchase between November 22 and December 20. Platinum Victory said it did not acquire all the targeted shares due to unfavorable market conditions.

After the previous transaction, the fund increased its ownership in REE from 35.7% (168.1 million shares) to 41.4% (195 million shares). With REE shares priced at around VND67,000 ($2.63) each during the aforesaid period, Platinum Victory was estimated to have spent approximately VND1.8 trillion ($70.7 million) on this acquisition.

Last month, Alain Cany, the representative of Platinum Victory, was appointed as chairman of REE, succeeding Nguyen Thi Mai Thanh, the company’s general director.

REE earned a consolidated net profit of VND1.51 trillion ($59.56 million) on revenue of VND6.05 trillion in the first three quarters of this year, down 29.3% and 7% year-on-year, respectively.