The Ministry of Construction on Wednesday transferred ownership of State capital at the Infrastructure Development and Construction Corporation (LICOGI) to the State Capital Investment Corporation (SCIC).

More than 36.6 million shares of LICOGI, or 40.7 per cent of LICOGI’s charter capital, were handed over to the SCIC.

Deputy Minister of Construction Bui Pham Khanh said that after more than two decades of development, LICOGI had become a large group with 12 member companies, which specialise in civil and industrial construction works.

The company has taken part in several key national projects.

The ministry hoped that transferring State capital to SCIC would help improve LICOGI’s efficiency and the efficiency of State capital, Khanh aid.

Nguyen Duc Chi, SCIC’s chairman, said that SCIC wanted to receive the Ministry of Construction’s support in managing the State capital at LICOGI and to further develop the corporation.

Founded in 2015, the SCIC acted as a representative for State capital ownership at independent restructured and equitised enterprises and monitored capital.

In November, the SCIC was transferred to the Committee for the State Capital Management – a mega committee founded in February to manage State capital at the SCIC and 18 other enterprises which altogether had total assets of VND2.3 quadrillion (US$100 billion). — VNS