11 July 2017

IDICO to be audited before IPO

The Viet Nam Urban and Industrial Zone Development Investment Corporation will be audited its financial reporting and State-asset management. — Photo dantri.com.vn

The State Audit Office of Viet Nam has issued a decision to audit financial reporting and State-asset management at the Viet Nam Urban and Industrial Zone Development Investment Corporation (IDICO).

The auditing, which will take place while the State-owned enterprise prepares for its shares sale, aims at evaluating compliance with established regulations in finance and accounting as well as the efficiency of using State assets.

Early in June, the Prime Minister approved the privatisation plan of IDICO, which valued Viet Nam’s leading developer of industrial zones and urban areas at VND3 trillion (US$131.5 million).

IDICO will put up for sale 300 million shares at face value of VND10,000 each at the upcoming shares sale to be held either this year or next year.

Following the shares sale, State stake at IDICO would reduce to 36 per cent and the State would divest completely from the construction conglomerate by December 31, 2018.

Forty-five per cent will be sold to strategic investors, 18.44 per cent to the public and the remaining 0.56 per cent to its employees.

IDOCO, in which the Ministry of Construction now acts as representative of State ownership, has total assets worth more than VNĐ12.5 trillion as of December 31, 2016.

The company plans to earn before-tax profit of VND401 billion this year. Last year, its before-tax profit reached VND530 billion, up by 77 per cent over 2015. — VNS



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