Deputy Prime Minister approves Seaprodex equitisation plan

Monday, Oct 20, 2014 17:04

The Viet Nam National Seaproducts Corp will have 125 million shares worth nearly US$60 million once it is equitised. — Illustrative photo

HCM CITY (Biz Hub) ─ Deputy Prime Minister Vu Van Ninh has signed Decision No. 1880/QD-TTg, approving a plan to privatise the Viet Nam National Seaproducts Corporation (Seaprodex).

According to the Nhan Dan (The People) online newspaper, the company will have a charter capital of VND1.25 trillion (US$59.52 million), the combined value of 125 million shares, once it is equitised.

The State will hold 51 per cent of equity while a 0.34-per cent stake, equivalent to 423,600 shares, will be offered to employees and a 48.66-per cent stake, equivalent to 60.82 million shares, will be publicly auctioned.

The Government has authorised Agriculture and Rural Development Minister Cao Duc Phat to order the company to launch an initial public offering and select an initial price and brokerage for the share auction.

The agriculture ministry is the representative body that owns State capital in the company, and it will transfer stake ownership to the State Capital Investment Corporation one year after Seaprodex is equitised, in accordance with regulations.

News website Infonet noted that since the current Seaprodex equity amounted to nearly VND1.37 trillion ($65.24 million), State capital in the company would be reduced to less than 51 per cent after 2015.

The company achieved annual revenues of VND3.5 trillion ($166.67 million) to VND3.6 trillion ($171.43 million) in recent years. Last year, it earned VND105 billion ($5 million) in pre-tax profits.

Established in 1978 as the Seaproducts Export and Import Company, Seaprodex has its headquarters in HCM City's District 1. The company deals in fisheries, transportation and logistics, as well as shipbuilding, real estate, finance and tourism. — VNS

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