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| The state-owned Construction Machinery Corporation (COMA) is specialising in manufacturing steel structures for construction in Viet Nam. — Photo coma.vn |
HA NOI (Biz Hub) — The state-owned Construction Machinery Corporation (COMA) will become a joint stock corporation, after the Prime Minister gave his approval recently.
Established in Ha Noi in 1975, COMA is a state-owned enterprise under the management of the construction ministry (MoC).
COMA is expected to have a charter capital of VND350 billion (US$15.52 million) after equitisation.
Under the equitisation plan, COMA will issue 35 million shares at VND10,000 ($0.44) each, with the state holding 17.85 million shares or a 51 per cent stake. By 2018, it will reduce the state ownership to 40 per cent.
The plan also divides the remaining shares into three parts, according to which 1.3 million shares or 3.74 per cent will be sold to employees, 10.5 million or 30 per cent will be sold to strategic partnerships and the last 5.34 million shares or 15.26 per cent will be sold at an initial public offering.
The prices of the shares at the IPO will be decided by MoC, which represents the state ownership in COMA.
COMA is strong in the field of manufacturing steel structures for construction. The projects it has completed include the National Conference Centre, the Hanoi Museum project, national exhibition planning and Indoorgame, besides a roof gallery exhibition in Da Nang City, Vietnam Television Centre and the Houses of Parliament.
COMA is also involved in design, consultation, fabrication and equipment installation at hydropower projects across the country.
By August, COMA had earned VND9.3 trillion ($412.47 million) in revenue and VND110 billion ($4.87 million) in profits this year. — VNS