VNR aims to raise modest USD 6.2 million from share sale

Deputy Transport Minister Nguyen Ngoc Dong recently signed Document 1142/BGTVT-QLDN, approving VNR’s selling of its holdings in those 15 companies. The Vietnam Railway Corporation (VNR) hopes to raise at least VND 139 billion (USD 6.2 million) in 2018 from selling its ownership in 15 subsidiary and affiliate companies. Photo for illustration: tinnhanhchungkhoan.vn The 15 companies have total charter capital of VND 680.5 billion, and VNR holds one-fifth of the figure, equal to VND 139.1 billion based on the face value of shares (VND 10,000 per share). Those firms are divided into three groups. Nine of them are those in which VNR had previously sold parts of its ownership, including Transport Investment and Construction Consultant JSC, Da Nang Construction JSC and Railway Urban and Infrastructure Development Investment JSC. Four of the 15 companies are those in which VNR had previously put its shares up for sale, but failed to draw attention from investors. Those included Railway Construction Corporation and Project 3 Construction and Investment JSC, which are traded on the stock market. The remaining companies are mining business Dong Mo Stone JSC and My Trang Stone JSC. VNR will make its first attempt to sell stakes in these two companies. Though shares of these companies are apparently unattractive to investors, they are highly valued by securities firms. Shares of My Trang Stone JSC are valued at 11.2 times their face value, 4.2 times for Dong Mo Stone JSC and 2.3 times for Railway Construction Corporation. If the sales are carried out… [Read full story]

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