SCIC to divest capital at big firms in 2019

Wednesday, Jun 26, 2019 08:02

The State Capital Investment Corporation (SCIC) plans to sell State capital at 108 businesses in 2019. — Photo

The State Capital Investment Corporation (SCIC) plans to sell State capital at 108 businesses including many big ones this year.

SCIC has released the list of State-owned enterprises from which it would divest State capital in 2019.

The list includes some giants such as Bao Minh Joint Stock Corporation which SCIC holds 51 per cent of charter capital, FPT Joint Stock Company with 6 per cent, Bao Viet Group with 3 per cent, Quang Ninh Thermopower Joint Stock Company with 11 per cent, Licogi Corporation with 41 per cent, Vocarimex with 36 per cent and Hai Phong Thermopower Joint Stock Company with 9 per cent.

Viet Nam Dairy Products JSC (Vinamilk) was also in the list of capital withdrawal of SCIC this year. However, SCIC has to wait for instructions from Prime Minister Nguyen Xuan Phuc for the divestment from Vinamilk.

SCIC also announced its businesses and investment plans this year with targeted revenue of VND6.5 trillion (US$280 million) and pre-tax profit of more than VND5 trillion.

As of May 31, 2019, SCIC held stakes at 144 businesses with total State capital on book value of over VND28.6 trillion and market value of around VND116 trillion.

From 2017 to May 2019, SCIC sold State capital at 51 businesses including Vinamilk and Binh Minh Plastic JSC. Of these, it sold all capital at 47 firms, reducing ownership at four companies and selling the right to buy shares at other two. The total value obtained was VND20.1 trillion, over the cost price of VND3 trillion.

The SCIC reported revenue of VND12.7 trillion in 2018, increasing 72 per cent from the previous year. Its gross profit rose by 43 per cent to VND9.78 trillion last year.

By the end of last year, its total assets were VND50 trillion. — VNS

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