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SCIC sells 5.6 per cent stake at Vinaconex

Update: December, 09/2017 - 09:00
A Vinaconex building on Láng Hạ Street. — VNS Photo
Viet Nam News

HÀ NỘI – The State Capital Investment Corporation (SCIC) collected VNĐ137 billion (US$6 million) after auctioning 5.35 million shares of Việt Nam Construction and Import-Export Joint Stock Corporation (Vinaconex) on the Hà Nội Stock Exchange on December 8.

The amount of shares was equal to 5.6 per cent stake of SCIC at Vinaconex.

After the sale, the SCIC reduced its ownership in Vinaconex from 57.79 per cent to 52.2 per cent, nearly 250 million shares.

The bidding price for Vinaconex shares, listed on the northern bourse as VCG, was VNĐ25,600  per share.

At the session, three investors registered to buy shares successfully, one of which was an organisation purchasing 5 million shares and two were individuals buying 350,000 shares.

Vinaconex has also formally established two fully Vinaconex-invested firms, Vinaconex CM and Vinaconex INVEST, under its restructuring plan.

Vinaconex CM has chartered capital of VNĐ300 billion and plans to gradually increase it to VNĐ1 trillion. The company’s revenue in 2021 is expected to reach VNĐ8 trillion, with profits reaching VNĐ165 billion.

Vinaconex INVEST focuses on real estate business and other areas where Vinaconex has much potential such as hydroelectric power, infrastructure investment and education. The charter capital of the company is expected to increase gradually from the current VNĐ300 billion to VNĐ2 trillion. In 2021, the company’s revenue and profit are forecast to reach VNĐ10 trillion and VNĐ500 billion, respectively.

In mid-November, Vinaconex said it had targeted average growth of 10-15 per cent during 2017-21. In the first nine months of this year, its revenue was estimated at nearly VNĐ6.63 trillion, up 17.9 per cent over the same period last year and exceeding its full year’s target by 61 per cent.

The after-tax profit was VNĐ623 billion, rising by 31.3 per cent year-on-year. — VNS


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