Friday, February 28 2020

VietNamNews

HUD, Vicem to be equitised in 2020

Update: January, 08/2020 - 16:04

 

A building constructed by the Housing and Urban Development Corporation (HUD) in Văn Quán-Yên Phúc New Urban Area, Hà Đông District, Hà Nội. — Photo hud.com.vn

HÀ NỘI — The Housing and Urban Development Corporation and the Vietnam National Cement Corporation will complete equitisation plans in 2020.

The two firms are State-owned enterprises, in which the Ministry of Construction represents the State holding 100 per cent of the capital.

The Housing and Urban Development Corporation (HUD) will reduce its State ownership to below 50 per cent.

The State's post-equitisation ownership in the Vietnam National Cement Corporation (Vicem) will be between 50 per cent and 65 per cent.

The ministry has also approved the restructuring plans that aim to improve the performances of the two companies until 2025.

In 2019, the Ministry of Construction sold 60 million shares it had in the ceramic and tile producer Viglacera, cutting its stake in the firm by 15.39 per cent to 38.58 per cent and raising nearly VNĐ1.6 trillion (US$69 million) for the State budget.

According to the ministry, most of the companies under its management have accomplished earnings targets set for 2019.  VNS

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