Except for withdrawing capital from Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank-STB), in 2012, Refrigeration and Electrical Engineering Joint Stock Co (coded REE) will not offload capital in other financial investments, Nguyen Quang Quyen, REE’s investment director said.
According to Quyen, REE’s operation segments such as work refrigeration services (M &E) and real estate are very promising. In particular, with M& E activities, REE has found some large contracts such as services for Vietnam Commercial Joint Stock Bank for Foreign Trade (Vietcombank-VCB), building of Ministry of Police and foreign-invested projects.
In real estate sector, REE Tower project has reached occupancy ratio of 80%, Etown 1 and Etown 2 with occupancy ratio of 100%.
Currently, REE is seeking partners to issue 557.8 billion dong worth of convertible bonds.
Ending the first quarter of 2012, REE reported gaining 255.6 billion dong profit, rising 177.6 percent over the same period last year, of which, 141 billion dong profit was from financial activities thanks to capital withdrawal from STB.