The Hanoitimes – The Ministry of Transport has submitted to the government the equitization plan for Vietnam National Shipping Lines (Vinalines), for which the government currently holds 65% of the chartered capital. According to this plan, the Ministry of Transport decided to divest state fund from Vinalines in parallel with issuing stakes to increase chartered capital. Specifically, Vinalines will increase its chartered capital to 14 trillion VND or 616 million USD (equivalent to 1.4 billion shares with 10,000 VND per share) after completing the equitization process, in which the government owns 904.5 million shares, equivalent to 65% of the company’s chartered capital. Vinalines will sell 30% of its chartered capital to strategic investors. In addition to the preferred shares sold to employees (0.13% of chartered capital), Vinalines will sell 30% of its chartered capital to strategic investors. The remaining shares of 67.3 million shares, equivalent to 4.84% of chartered capital will be opened for public auction at the Hanoi Stock with initial price offering of 10,000 VND per share. Previously, in the beginning of December 2017, based on the request from Vinalines, the Ministry of Transport approved the value of Vinalines as of December 31 2016 to be 18 trillion VND (roughly 792 million USD), including 11.9 trillion VND (523 million USD) worth of state fund. As of present, there are no strategic investor confirming its intention to purchase Vinalines shares. The equitization process, thus, will be carried out in conformity with the law after the Prime Minister approved…
Vinalines to sell 30% shares to strategic investors have 233 words, post on hanoitimes.com.vn at 2018-01-06 00:32:55. This is cached page on VietNam Breaking News. If you want remove this page, please contact us.
This is part of BSR’s equitisation plan approved by Deputy Prime Minister Vuong Dinh Hue, according to the government portal. Foreign investors are permitted to bid for the whole volume on offer. BSR also issued the criteria to select the strategic investor. Accordingly, interested investors will have to have strong financial potential with equity of at least VND10 trillion ($440.4 million) and have been operating in profit in the latest two years, excluding accumulated loss. Besides, investors experienced in operating refineries and petroleum distribution networks will be prioritised. Along with the stake offered to strategic investors, BSR will put 241.56…... [read more]
The shares will be auctioned at the Ha Noi Stock Exchange (HNX) at the starting price of VND11,000 (48 US cents) per share.The shares offered account for 48.82 per cent of the company’s chartered capital.According to the IPO plan, following equitisation, the company’s chartered capital will be VND4.5 trillion ($200 million), 51 per cent of which will be owned by the Government.The company plans to sell 822,000 shares to its employees at preferential prices and nearly 219.7 million shares will be sold to strategic investors through HNX’s auctions.According to the company’s audited 2016 financial report, it had total assets of…... [read more]
The Government plans to divest from more than 130 SOEs by 2020, which would significantly push up share supply in the coming years. Saigon Securities Inc estimated that the Government’s planned divestment from SOEs would be worth some US$4.35 billion – a huge sum that would require capital resources from foreign strategic investors to absorb. Selling stake to foreign strategic investors would have a lot of positive impacts, such as easing the financial burden on the State, improving operational efficiency, promoting technology transfer and enhancing management capacity and competitiveness. “We know strategic investors will not only bring new financial resources, but also…... [read more]
Vietnam Airlines, however, stands out as a success story. It sold a 8.77% stake to Japanese ANA in a deal worth VND2.431 trillion after two years of negotiations. Analysts commented that the deal was carried out in a very professional way. It used international consultants, offered valuations of the enterprise in accordance with international practice, and opened a Dataroom for potential investors to access information. Investors had the time to assess Vietnam Airlines and had many direct meetings before deciding to spend more than US$100 million on the deal. However, the case of Vietnam Airlines is an unusual one. In…... [read more]
The corporation (Vinalines) general director Vu Khac Tu said the equitisation plan for Haiphong Port would be approved by April 15 and make an initial public offering (IPO) and sell stakes to strategic shareholders within the coming one and a half months. “The biggest port in the north of the country plans to officially operate as a joint stock company from July 1, 2014,” said Tu. The Vinalines board last week announced that it approved a corporate valuation for the equitisation of Haiphong Port at VND4.32 trillion ($206 million), equivalent to 201 per cent of its book value. Haiphong Port…... [read more]
HÀ NỘI – Transparency in the equitisation of State-owned enterprises (SOEs) must be enhanced to attract foreign strategic investment in the process, experts said. The Government plans to divest from more than 130 SOEs by 2020, which would significantly push up share supply in the coming years. Saigon Securities Inc estimated that the Government’s planned divestment from SOEs would be worth some US$4.35 billion – a huge sum that would require capital resources from foreign strategic investors to absorb. Selling stake to foreign strategic investors would have a lot of positive impacts, such as easing the financial burden on the…... [read more]
Strategic investors sought in Song Da, HUD, IDICO, and Vicem. Deputy Minister of Construction Bui Pham Khanh has signed OfficialCorrespondence No. 2192 calling for strategic investors after the MoCenterprises are equitized. Song Da, HUD, IDICO, and Vicem are the final four criticalenterprises of MoC not to have undergone equitization. Ten of MoC’s 14critical enterprises had done so by the end of 2014. According to MoC the four have experienced difficulties during theirequitization process. Song Da and Vicem planned to conduct IPOs in thefirst quarter of this year but were delayed by the transfer of theloss-making Ha Long Cement Company. The…... [read more]
They are US-based SSG Corporation and Bitexco Group.Kinh Bac City Development Share Holding Corporation was not selected due to the lack of essential documents, including the guarantee certificate and evidence to prove it has enough capital for the stake purchase.The MoC will also release its blockade on Kinh Bac’s deposit of VND162 billion (US$7.1 billion) set for the purchase.The shares offered to strategic investors are being negotiated at VND23,940 ($1.05) per share, equal to the average winning price at the company’s initial public offering (IPO) on October 5.IDICO sold its entire offering of over 55.3 million shares, equivalent to 18.44…... [read more]
The State, which is represented by the State Capital Investment Corporation (SCIC), is cutting stakes in many enterprises in accordance to a roadmap to apply the long-term State-owned enterprise restructuring policy. However, many are very concerned about the ways to attract strategic investors for enterprises after SCIC withdraws capital. Mainly small concernsToday, SCIC’s portfolios are grouped into three. The first group is the strategic investor group with 11 enterprises, which accounts for 43 per cent of the portfolio value. The second is the flexible investor group with 105 enterprises, which makes up for 29 per cent of the portfolio…... [read more]
Retailers preferredOn March 7, 2017, the Hanoi People’s Committee issued Decision No. 1558/QD-UBND on criteria for selecting Hapro’s strategic investors.According to this decision, strategic investors should satisfy the following conditions: they should have an owner’s equity of over VND2 trillion (US$87 million) in the most recently audited financial report by an independent auditing company, no bad debts, a debt/equity ratio less than three in their 2015 audited financial statement, and they should also have positive after-tax profit in 2014, 2015, and 2016.Besides, the investors must obey the law and be able to prove that they have the amount of money…... [read more]
