Vinachem forced to divest from 4 projects sustaining millions of USD loss

The Hanoitimes – Under the newly-approved restructuring plan, the Vietnam National Chemical Group (Vinachem) will be allowed to hold over 65% shares at Apatite Vietnam. The Deputy Prime Minister Vuong Dinh Hue has signed the Decision approving the restructuring plan of Vinachem in period 2017 – 2020, as such, Vinachem will hold less than 50% stakes in seven companies and sell all of its stakes in 15 other companies.    Vinachem is expected to start its equitization process in period 2018 – 2019. From now on, Vinachem will scale down its business lines to producing and trading basic chemicals; exploiting and processing minerals as raw materials for fertilizer and chemical production; producing and trading pesticides and fertilizers containing phosphorus. Specifically, Vinachem will have to divest all state fund from companies such as Ha Bac Nitrogenous Fertilizer and Chemical JSC, DAP-Vinachem JSC, DAP No. 2 – Vinachem JSC and Ninh Bình Nitrogenous Fertilizer and Chemical Co., Ltd in case these companies recover from losses and start having profitability. Currently, Vietnam Apatite Vietnam is the only company for which Vinachem is allowed to hold over 65% of its chartered capital.  ​ In addition, Vinachem will hold from over 50% to less than 65% of charter capital of seven companies including the Industrial Gases and Welding Electrode JSC, Viet Tri Chemicals JSC, the Southern Basic Chemicals JSC, Lam Thao Fertilizers and Chemicals JSC, Van Dien Fused Magnesium Phosphate JSC, Ninh Binh Phosphate Fertilizer JSC and Vietnam Pesticide JSC. ​ Vinachem will hold less… [Read full story]

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