VEC plans to boost charter capital

Saturday, Jan 24, 2015 12:26

VEC plans to increase its charter capital to more than US$1 billion before it is privatised. – Photo vr
HA NOI  (Biz Hub) — The Viet Nam Expressway Corporation (VEC) plans to boost its current charter capital 22-fold to more than VND22.16 trillion (US$1.04 billion), ahead of its privatisation.

According to Mai Anh Tuan, VEC's general director, it will be important to determine the corporation's charter capital ahead of its privatisation and to call upon stakeholders, especially strategic stakeholders.

The proposed charter capital is equivalent to combining the State's direct investments in the corporation's five major projects, the current charter capital and the remaining revenue from auctioning two toll-fee stations.

The Ministry of Construction has asked the VEC to establish a steering board for restructuring and privatisation and complete the restructuring project within the first quarter of this year.

The ministry said the privatisation of the VEC must be completed by the end of this year.

Minister of Transport Dinh La Thang has expressed his determination to speed up the privatisation of corporations under the Ministry within this year.

VEC is just one among more than a dozen of the Ministry's corporations to be complete privatisation this year.

Last year, the Ministry had privatised 10 corporations in line with an approved plan. The ministry also completed an initial public offering for 48 corporations. — VNS

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