Felicitas Registers to Buy 10 Million GEE Shares: Gelex Electric Stake Hits 1.56%

Overview

Felicitas Company Limited registered to buy 10 million shares of Điện lực Gelex (Gelex Electric, ticker GEE) on HOSE, a transaction that would give it a 1.56% stake from no prior holding. The registration, disclosed on 24 September, comes as Gelex Electric confirmed a 5% cash dividend advance for 2026 and reported H1 2026 revenue up 41% and net profit up 28% year-on-year. Both Felicitas and Gelex Electric sit within the Gelex Group ecosystem, making the purchase an internal group stake build rather than an outside strategic entry.

Key Facts

• Felicitas registered to buy 10,000,000 GEE shares, equal to 1.56% of Gelex Electric’s capital, from a starting position of zero.
• The disclosure was published on HOSE on 24 September 2026.
• Gelex Electric closed the shareholder list on 18 September 2026 for a second 2026 cash dividend advance of 5%, or VND 500 per share.
• With roughly 640.5 million shares outstanding, the second dividend payment totals about VND 320.2 billion, payable from 7 October 2026.
• A first 2026 cash dividend advance of 5%, also about VND 320.2 billion, was paid on 30 June 2026.
• The 2026 annual general meeting in April approved total cash dividends of 30% for the year.
• H1 2026 net revenue reached nearly VND 16,621 billion, up 41% year-on-year; net profit after tax reached nearly VND 1,351 billion, up 28% and equal to 50% of the full-year profit plan.

What Happened

According to the HOSE disclosure dated 24 September, Công ty TNHH Felicitas registered to purchase 10 million GEE shares of CTCP Điện lực Gelex. Felicitas held no GEE shares before the transaction; a full fill would leave it with 1.56% of the company. The filing states that Felicitas and Gelex Electric are both companies within the Gelex Group ecosystem, while Gelex Electric itself holds no shares in Felicitas.

Separately, Gelex Electric confirmed it closed its shareholder register on 18 September for the second 2026 cash dividend advance at a 5% rate, meaning VND 500 per share. With close to 640.5 million shares in circulation, the payout is worth more than VND 320.2 billion, with payment scheduled for 7 October 2026. The company had already paid a first 5% advance, of similar size, on 30 June 2026, and shareholders at the April annual general meeting approved total 2026 cash dividends of 30%.

Market Context

GEE trades on HOSE and closed at VND 70,900 on 24 September 2026, the same day the Felicitas registration was disclosed. The stock sits in the industrial goods and services sector, where Gelex Electric’s electrical equipment and infrastructure exposure places it alongside Vietnam’s broader industrial and energy-linked manufacturing complex. The company’s dividend record is a defining feature of its market profile: it has maintained cash payouts above 30% per year in prior years, placing it among the higher cash-return names on the Vietnamese market. The H1 2026 results, with revenue up 41% and profit up 28% and half the annual profit plan already met, keep the earnings trajectory aligned with that payout policy.

Strategic Significance

The transaction is best read as a group-level ownership consolidation rather than an external endorsement. Felicitas and Gelex Electric share the Gelex Group ecosystem, so the purchase shifts GEE shares within related entities and does not change the ultimate controlling interest. For long-term investors, the more material signal is the combination of a 30% total 2026 cash dividend plan, two 5% advances already executed or scheduled, and H1 profit covering 50% of the annual target. That mix supports the case for GEE as a cash-return industrial holding, though the 1.56% stake itself is too small to alter governance or float dynamics.

What to Watch

• The actual completion or cancellation of the Felicitas purchase, reported via a subsequent HOSE disclosure on the transaction result.
• The 7 October 2026 dividend payment date and confirmation that the VND 320.2 billion advance was disbursed.
• Q3 2026 results, which will show whether the 41% revenue and 28% profit growth rates hold through the second half.
• Any further Gelex Group ecosystem share transfers that would concentrate or redistribute GEE ownership.
• Progress toward the remaining 20 percentage points of the approved 30% 2026 cash dividend, likely decided at a later board or shareholder meeting.