SCIC to offload SWC shares

Tuesday, Jan 05, 2016 14:49

Southern Water Transportation Corporation owns 16 per cent in the joint venture with Singapore partner. The joint venture company operates the Saigon Centre project in HCM City. — VNS Photo

HA NOI (Biz Hub) - State Capital Investment Corporation (SCIC) said on January 4 that it was offloading all its shares in the Southern Water Transportation Corporation (SWC).

Accordingly, SCIC has registered to sell 44.68 million shares or a 66.58 per cent stake in the HCM City-based company.

Trading was expected to conducted between January 2 and February 4, 2016, as per agreements, SCIC said.

In the first nine months of 2015, SWC earned a consolidated revenue of VND130.6 billion ($5.79 million) and VND22.5 billion ($997,915) in after-tax profit.

SWC is currently holding a 16 per cent stake in a joint venture with Keppel, one of the largest multinational corporations in Singapore. The Keppel Land Watco joint venture has invested in the Saigon Centre project in District 1, HCM City.

Each SWC share traded at VND14,000 ($0.62) on January 5. If the shares sell at this price, SCIC will earn about VND625 billion ($27.7 million) from the deal. — VNS

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