SCIC to sell 58.6 per cent VTX stake

Wednesday, Jan 20, 2016 17:51

Vietransimex carries out the transportation works for big construction in Viet Nam. — Photo VTX

HA NOI (Biz Hub) — The State Capital Investment Corporation (SCIC) will offload 12.29 million shares or a 58.6 per cent stake in the Multi Modal Transport Holding Company or Vietransimex.

The transaction would be made between January 22 and February 19 via agreements or matching, SCIC said.

On January 20, each VTX share closed at VND14,500 (US$0.6) in the unlisted public company market (Upcom). If SCIC offloads the shares at this price, the deal will be worth about VND179 billion ($7.93 million).

Established in the central city of Da Nang in 1976, Vietransimex takes up large transportation projects in the construction, oil, electricity and chemical, as well as cement sectors all over the country.

According to Vietransimex's financial statement, the firm earned VND580 billion ($25.82 million) in revenue in 2015 and VND18.5 billion ($824,000) in after-tax profit.

Before SCIC, the PetroVietnam Technical and Service Corporation (PVS) sold three million VTX shares at VND13,000 ($0.57) to IB Securities, making the securities the second-largest shareholder of Vietranstimex with a total of 3.18 million shares or a 14.92 per cent stake. — VNS

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