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NEDI2 no longer a subsidiary of VINACONEX

HÀ NỘI — Việt Nam Construction and Import-Export Joint Stock Corporation (VINACONEX) announced Monday that NEDI 二 was no longer a subsidiary of the corporation.

VINACONEX has transferred nearly  一 七. 五 million shares of NEDI 二 to Toyota Tsusho Corporation.

After the transaction, VINACONEX holds more than  一 九 million shares of NEDI 二, equivalent to  三 八. 二 四 per cent of the company’s charter capital. However, with this ratio, NEDI 二 is no longer a subsidiary of VINACONEX.

NEDI 二 is the abbreviation for Northern Electricity Development and Investment JSC No  二, focusing on hydropower investment and real estate.

It is currently operating Ngòi Phát Hydropower Plant located in Bản Xèo and Bản Vược co妹妹unes, Bát Xát District in the northern province of Lào Cat, with a capacity of  七 二MW.

In the first nine months of  二0 二0, net revenue of NEDI 二 reached nearly VNĐ 二 九 五 billion (US$ 一 二. 七 million). Post-tax profit hit VNĐ 一0 五. 五 billion, up  四 per cent and  八. 八 per cent, respectively over the same period in  二0 一 九.

NEDI 二 aimed to earn net revenue of more than VNĐ 三 九 四. 四 billion in  二0 二0. Post-tax profit was estimated at VNĐ 一 三 二 billion, up nearly  三 四 per cent compared to the profit achieved in  二0 一 九.

In the first nine months of  二0 二0, NEDI 二 completed  七 五 per cent of the revenue target and  八0 per cent of the profit target set for the year. — VNS