A rice stock owned by a subsidiary of Vinafood 2 in Tra On District of the southern province of Vinh Long. — VNA/VNS Photo Dinh Hue The Ministry of Agriculture and Rural Development has approved a new set of criteria to select strategic investors for the Viet Nam Southern Food Corporation (Vinafood 2). These requirements are more relaxed than those proposed by the corporation earlier. Specifically, strategic investors must have a minimum charter capital of VND2.5 trillion (US$110 million) in 2016 and record positive after-tax profits in three consecutive years from 2014-16, with no accumulated losses until December 31, 2016. The earlier proposal by Vinafood 2 stipulated strategic investors to have total assets worth at least VND10 trillion by December 31, 2015, as stated in their audited financial report, a minimum charter capital of VND3.5 trillion and positive after-tax profits in three consecutive years, with no accumulated losses by the end of 2015. Besides this, the corporation also set some specific criteria on profits that strategic investors must meet. Nguyen Ngoc Nam, Vinafood 2 acting general director, said the reduction in the charter capital as well as the removal of minimum total assets and profit ratios in the criteria list would help invite potential investors. He said food and seafood processing and production would continue to be the core businesses of Vinafood 2 after equitisation. Vinafood 2’s initial public offering (IPO) is scheduled to take place on March 14. The corporation’s equitisation plan was approved on December 29, 2017, by… [Read full story]
This is part of BSR’s equitization 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 million shares, equalling…... [read more]
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 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]
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…... [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]
