VNE contributes 27b dong to establish a steel structure company

VNStockNews.com - Vietnam Electricity Construction Joint Stock Corp (coded VNE) has recently contributed capital to set up a steel structure Joint Stock Co with two partners.

Thanh Long VNECO steel structure Joint Stock CO has chartered capital of 90 billion dong in Hiep Phuoc industrial park, Hiep Phuoc Commune, Nha Be Dist, HCM City.

VNE contributed 27 billion dong, equal to one third of the company's registered capital. It's expected to make the capital contribution in Q4 of 2009.

In the first nine month of this year, VNE reported to gain net revenue of 312.7 billion dong and profit of 60 billion dong.

According to the company's financial report, VNE at present has 10 subsidiaries and nine associated ones, three of which currently lists shares on Hanoi Stock Exchange, including Electricity Construction JSC No 1 (VNECO 1 – coded VE1), VNECO 9 Electricity Construction JSC (coded VE9) and VNECO.SSM steel structure JSC (coded SSM).

After November 6 trading session, VNE shares rose to the ceiling price for the second consecutive session of 17,700 dong per share with 197,680 units being transferred.