The State Capital Investment Corporation plans to sell all State stakes in the Da Nang Bus and Trade Service Joint Stock Company. — Photo ndh.vn

HA NOI (Biz Hub) — The State Capital Investment Corporation (SCIC) has announced that it will sell all State stakes in the Da Nang Bus and Trade Service Joint Stock Company (Tracodana).

The sale of 62.06 per cent of Tracodana shares will be carried out in an auction, which is scheduled to take place on October 2.

The opening price will be VND124.800 ($5.54). The SCIC expects to earn at least VND12.2 billion ($541,981) after the divestment.

The SCIC was incorporated on June 20, 2005. The corporation's primary objectives are to represent the State capital in enterprises and invest in key sectors and essential industries with a view to strengthening the dominant role of the state sector while respecting market rules.

The company's profit after tax in 2014 was VND5.302 trillion ($235 million) and the total asset was VND59.116 trillion ($2.6 billion).

The Tracodana has a charter capital of VND15.8 billion ($701,910). Total asset of the company has been stable around VND27 to 29 billion ($1.19 million to 1.28 million).

The company's profit in 2012, 2013, 2014 was VND1.4 billion ($62,194); VND630 million ($27,987) and VND1.14 billion ($50,644), respectively.—VNS