Founder Group announces proposed majority-stake acquisition of Vietnam-based VES 1
seekingalpha
25 Nov 2024
Founder Group Limited (NASDAQ:FGL) announced its proposed acquisition of a majority stake in VES 1 Joint Stock Company, a subsidiary of VES Joint Stock Company.
VES is a Vietnamese renewable energy firm, specializing in solar and wind power solutions, while VES 1 focuses on developing solar energy projects across the country.
Founder Group will acquire ~80% of the shares in VES 1.
The agreement also grants Founder Group exclusive rights to future rooftop solar and energy storage projects in Vietnam secured by VES 1 for the next three years.
FGL shares advanced over 4% in premarket trading on Monday.
Source: Press Release
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