HANOI: The State Capital Investment Corporation (SCIC) has announced the sale of shares in more companies under a restructuring plan on its website. Up to 24,714 shares or 38.5 per cent of Nhat Nhat Tan JSC are to be on offer, at VND13,800 (61 US cents) each in an auction on December 30. The company, with VND19 billion ($844,930) of charter capital, works as a machinery rental and trading company in southern Ba Ria-Vung Tau Province.
Also in December, SCIC offered shares from four more companies. 674,636 shares or 7.1 per cent of stake in HCM City-based Viet Nam Glass and Pottery JSC at the starting price of VND9,000 (39 cents) each were made available. Also on offer were 34,060 shares, or 54.09 per cent of stake in Vinh Long Construction JSC at the starting price VND84,200 ($3.7).
The third offering was 461,716 shares, accounting for 15.32 per cent of stake in Ba Ria-Vung Tau Trading JSC at the starting price of VND15,100(66 cents). Finally 450,490 shares or 55.63 per cent of the stake in Do Son Tourism in northern Hai Phong City at the starting price of VND336,600 ($14.9) were put on the market. SCIC was formed in 2006 to invest in State-owned enterprises (SOEs) with a total book value of nearly VND8.52 trillion ($380.4 million).
Since 2014, the SCIC has carried out a massive process of divestment of non-core businesses at several State-owned enterprises (SOEs), following the Government’s decision 2344/QC-TTg, announced on December 2, 2013.
According to the SCIC’s latest financial report on the last day of 2014, its total assets reached nearly VND71 trillion ($3.14 billion) and reported a profit after tax of VND5.3 trillion ($235.1 million) in 2014.
