Economy
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| Sông Đà Corporation will auction its 219 million shares at the Hà Nội Stock Exchange (HNX) on December 25. — Photo baodauthau.vn |
Viet Nam News
HÀ NỘI — State-owned Sông Đà Corporation will offer 219 million shares at its initial public offering (IPO) scheduled on December 25.
The shares will be auctioned at the Hà Nội Stock Exchange (HNX) at the starting price of VNĐ11,000 (48 US cents) per share.
The shares offered account for 48.82 per cent of the company’s chartered capital.
According to the IPO plan, following equitisation, the company’s chartered capital will be VNĐ4.5 trillion, 51 per cent of which will be owned by the Government. The company plans to sell 822,000 shares to its employees at preferential prices and nearly 219.7 million shares will be sold to strategic investors through HNX’s auctions.
According to the company’s audited 2016 financial report, it had total assets of VNĐ31.9 trillion by the end of last year. Its owner equity was VNĐ7.83 trillion and total debts amounted to nearly VNĐ24.1 trillion, with short and long term loans amounting to VNĐ17.7 trillion.
In the first half of 2017, Sông Đà Corp recorded VNĐ9.9 trillion in combined revenue, a decline of 42 per cent year-on-year. However, its six-month post-tax profit rose 30 per cent year-on-year to VNĐ586 billion.
Sông Đà Corporation is the main contractor for most hydropower projects in Việt Nam. It is also involved in some major infrastructure projects, including tunnels, highways and factories.
The company also plans to divest from several hydroelectricity companies this year, including Hồ Bốn Hydropower Joint Stock Company, Nậm Mức Hydropower JSC and Southern Power Investment & Development JSC. — VNS
