The State Capital Investment Corporation (SCIC) will put its entire stake, equivalent to nearly 255 million shares, in the Viet Nam Construction and Import-Export Joint Stock Corporation (Vinaconex) up for a public auction on the Ha Noi Stock Exchange in the fourth quarter. The shares are equivalent to a 57.7 per cent stake in Vinaconex.
Shares in Vinaconex, listed on the northern bourse as VCG, rose 2.6 per cent to VND19,700 (US$0.84) on Monday.
Domestic and foreign investors and financial intermediaries will be invited to bid for the shares. Financial intermediaries will need to divulge the number of foreign investors they are representing as well as the number of shares purchased to ensure foreign investment caps are adhered to.
Vinaconex owns a property with a foreign investment cap of 49 per cent.
During a meeting in early August, SCIC chairman Nguyen Duc Chi said that it would promote the sale of State capital in enterprises, focusing on big companies such as Vinaconex, Vocarimex, Domesco and VinaControl.
Vinaconex currently has charter capital of VND4.4 trillion. Its market capitalisation is estimated at VND8.5 trillion, with total assets of VND9.8 trillion.
In 2016, Vinaconex had the fifth highest revenue and second highest profit in the country’s construction industry.
Last year, Vinaconex’s consolidated net profit reached VND1.6 trillion, making it one of the top 30 most profitable enterprises in the country.
The SCIC currently holds capital at 136 units, of which 129 are joint stock companies.