Vietnam industrial heavyweight Gelex to pay interim cash dividend, prepares IPO for infrastructure arm

Gelex Group JSC (HoSE: GEX), a leading industrial corporation in Vietnam, will pay an interim cash dividend and proceed with the initial public offering (IPO) of its subsidiary – Gelex Infrastructure – within Q4.

According to a resolution by the board of directors, the board approved an interim cash dividend for 2025 at a rate of 8%, equivalent to VND800 ($0.03) per share. The record date for shareholders eligible for the dividend is September 11, and payment is scheduled for October 10.

With over 902 million floating shares, the company is expected to spend more than VND720 billion ($27.3 million) on this dividend payout. For the full year 2025, the firm plans to distribute dividends at a total rate of 10%.

Gelex targets revenue of VND37.6 trillion ($1.43 billion) and pre-tax profit of VND3.04 trillion ($115.26 million) in 2025.

In the first half of the year, the group recorded consolidated net revenue of VND18.05 trillion and pre-tax profit of VND2.2 trillion, increasing by 21.1% and 24.3% year-over-year, respectively.

The growth was driven by a strong performance in its core business segments, which nearly tripled compared to the same period last year.

After the first half, the firm had achieved 48% and 72% of its revenue and pre-tax profit goals for 2025, respectively.

IPO of Gelex Infrastructure

A key development disclosed by the company is the IPO and listing of Gelex Infrastructure JSC, expected to take place in Q4. This company represents one of Gelex’s two core business pillars.

The other pillar is Gelex Electric JSC (HoSE: GEE), focusing on electrical equipment manufacturing, owning brands such as CADIVI, THIBIDI, HEM, and EMIC.

Gelex Electric was registered on the Unlisted Public Companies Market (UPCoM) in 2022 and transferred to the Ho Chi Minh Stock Exchange (HoSE) in August 2024. Gelex has planned to list Gelex Infrastructure since 2022.

Gelex Infrastructure currently has a charter capital of VND7.9 trillion ($299.53 million), with Gelex Group directly holding 79.1% as of end-Q2/2025. The company invests in and manages subsidiaries involved in industrial parks, real estate, building materials, energy, and clean water.

Notably, Gelex Infrastructure holds a 50.21% stake in Viglacera Corporation (HoSE: VGC) – a leading building materials producer and industrial park developer in Vietnam. Viglacera currently operates 16 industrial parks domestically and abroad, with a total land bank exceeding 4,500 hectares.

It also owns 62.46% of Song Da Water Investment JSC (UPCoM: VCW) – the owner and operator of the Song Da water plant, which has a capacity of 300,000 cubic meters per day and supplies water to one-fourth of Hanoi’s population. Phase 2 of the project, which will double capacity to 600,000 cubic meters per day, is expected to be completed by the end of 2025.

Another key subsidiary of Gelex Infrastructure, Petroleum Industrial Park Investment JSC (PXL), is currently seeking investors to develop Long Son Petroleum Industrial Park, envisioned as a future data center hub with a total area of 800 hectares.

Recently, Titan Hai Phong JSC, an affiliate of Gelex Infrastructure, received investment approval from the Hai Phong People’s Committee to implement Tran Duong-Hoa Binh Industrial Park (Zone A) - phase 1, covering 207.95 hectares.

In Q2, Gelex Infrastructure will also acquire a 49% stake in Titan Corporation, a joint venture between Gelex and Frasers Property – a leading Singaporean real estate group known for developing international-standard commercial properties.

Given its scale and positioning, the IPO and listing of Gelex Infrastructure is expected to become a new “blockbuster” on Vietnam’s stock market, alongside notable financial names like Techcombank Securities (TCBS), VPBank Securities (VPBankS), and VPS Securities (VPS).

In the stock market, GEX closed Friday at VND53,900 ($2) per share, down 2% from the reference level.