SCIC sells 5.6 per cent stake at Vinaconex

Saturday, Dec 09, 2017 10:23

A Vinaconex building on Lang Ha Street. — VNS Photo

The State Capital Investment Corporation (SCIC) collected VND137 billion (US$6 million) after auctioning 5.35 million shares of Viet Nam Construction and Import-Export Joint Stock Corporation (Vinaconex) on the Ha Noi Stock Exchange on December 8.

The amount of shares was equal to 5.6 per cent stake of SCIC at Vinaconex.

After the sale, the SCIC reduced its ownership in Vinaconex from 57.79 per cent to 52.2 per cent, nearly 250 million shares.

The bidding price for Vinaconex shares, listed on the northern bourse as VCG, was VND25,600 per share.

At the session, three investors registered to buy shares successfully, one of which was an organisation purchasing 5 million shares and two were individuals buying 350,000 shares.

Vinaconex has also formally established two fully Vinaconex-invested firms, Vinaconex CM and Vinaconex INVEST, under its restructuring plan.

Vinaconex CM has chartered capital of VND300 billion and plans to gradually increase it to VND1 trillion. The company’s revenue in 2021 is expected to reach VND8 trillion, with profits reaching VND165 billion.

Vinaconex INVEST focuses on real estate business and other areas where Vinaconex has much potential such as hydroelectric power, infrastructure investment and education. The charter capital of the company is expected to increase gradually from the current VND300 billion to VND2 trillion. In 2021, the company’s revenue and profit are forecast to reach VND10 trillion and VND500 billion, respectively.

In mid-November, Vinaconex said it had targeted average growth of 10-15 per cent during 2017-21. In the first nine months of this year, its revenue was estimated at nearly VND6.63 trillion, up 17.9 per cent over the same period last year and exceeding its full year’s target by 61 per cent.

The after-tax profit was VND623 billion, rising by 31.3 per cent year-on-year. — VNS

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