DATC completes divestment in three businesses

Friday, Jul 14, 2017 16:17

DATC has completed the divestment of three companies with total capital of VND41.962 billion in the first half year of 2017. — Photo tapchitaichinh.vn

Viet Nam’s Debt and Asset Trading Corporation (DATC) completed divestment of three enterprises in the first six months of 2017, gaining VND41.96 billion (US$1.8 million) and achieving 50 per cent of the full year revenue plan.

DATC acquired debt and assets worth VND898 billion in the period, a year-on-year increase of 19 per cent and reaching 37 per cent of the plan.

The company’s total revenue was VND806.49 billion, fulfilling 36 per cent of the plan and equalling 93 per cent of the same period in 2016.

Profit is estimated at VND160 billion, reaching 41 per cent of the plan.

Up to 23 enterprises were supported to handle debts and assets and three companies were divested.

In addition, DATC also focused on corporate restructuring and capital management in enterprises. It completed restructuring to transform one enterprise into a joint stock company and invest in the form of debt transfer into capital contribution of VND119.745 billion.

As regards the divestment of investment capital, from the beginning of the year, the company focused on reviewing capital contributions through restructuring 100 per cent State-owned enterprises, arranging the ownership transformation of other enterprises which had DATC’s capital contribution to divest the capital as prescribed, including the divestment of new capital contributors from 2014, 2015 to put into the divestment plan.

From now until the year-end, DATC will accelerate the negotiation of enterprises’ debt purchase. Besides, the corporation will accelerate the progress of constructing and approving the plan to carry out transformation and restructuring of the businesses as scheduled. — VNS

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