Sunday, August 19, 2018 4:52:19 AM - Markets open
VN-INDEX 968.88 +4.60/+0.48%
HNX-INDEX 108.02 +0.10/+0.09%
UPCOM-INDEX 51.47 +0.08/+0.16%
SCIC evaluates State capital divestment - 8/10/2018 10:07:48 AM
 (0 ratings. You must sign in to rate.)
Given the stock market’s recent lethargy, the State Capital Investment Corporation (SCIC) is assessing market demand to consider choosing the most efficient capital divestment options at State-owned enterprises (SOEs).
This statement was made by SCIC deputy general director Nguyễn Chí Thành at a press conference held on Wednesday to review the performance of SCIC - the representative of state-owned capital at SOEs, in the first six months of this year and set out tasks for the second half.
Thành said that in the first half of this year, SCIC’s revenue from dividends reached VNĐ1.2 trillion (US$51.5 million), equal to 49 per cent of the yearly plan. Financial income reached VNĐ715 billion, equal to 55 per cent of the yearly plan.
Revenue from the sale of State capital, including the share sale at Bình Minh Plastic JSC, was VNĐ2.69 trillion, accounting for nearly 48 per cent of the country’s total revenue of VNĐ5.59 trillion.
SCIC’s contribution to the State budget, including the payment of corporate income tax and after-tax profit, was VNĐ1.5 trillion.
Thành said that the SCIC successfully auctioned 24.1 million shares at Binh Minh Plastics JSC with a value of VNĐ96,500 per share, earning VNĐ2.3 trillion.
SCIC chairman Nguyễn Đức Chi said that after 12 years of operation, SCIC had accumulated experience in managing State capital in accordance with the law.
By restructuring businesses, SCIC helped them improve their operational efficiency and expertise in selling capital. The process of selling State capital has been built by SCIC with transparency and efficiency assurance, with a wide network of domestic and international investors, Chi said.
However, SCIC admitted that the transfer of State enterprise ownership to the SCIC failed to meet expectations.
Shifting enterprise ownership from ministries and provincial People’s Committees to the SCIC is an important solution to restructuring State-owned enterprises (SOEs), but the change requires more drastic measures to hasten the process.
For the 2017-20 period, Prime Minister Nguyễn Xuân Phúc has required six ministries and 16 localities to transfer State enterprise ownership at 62 enterprises to SCIC, with total State capital valued at over VNĐ11.2 trillion
But Chi said until the end of June 2018, SCIC had received the State ownership representatives of just 25 out of the above 62 enterprises.
He said SCIC had six working teams actively working with ministries and localities, but the body has no authority to force the ministries and localities to transfer ownership. — VNS
Read original article here
Newer News
17/08 PLX: Petrolimex asks for divestment extension
17/08 MCH finalising bonus share list
17/08 LPB: LienVietPostBank downgrades many business targets
16/08 HVN: Vietnam Airlines’ pre-tax profit surges 87 percent in six months
16/08 FPT betting on M&A to go global
16/08 PVN considers merger of two biggest fertiliser firms
16/08 MSR: Masan buys tungsten facility
14/08 VPB: VPBank plans to issue 33.7 million ESOP shares
13/08 VNM: Vinamilk to spend over 170 mln USD on hi-tech dairy farm in Can Tho
Older News
09/08 Thaco announces strategic cooperation with HAGL
08/08 Vinalines to launch IPO on September 5
07/08 Saigon Jewelry up for grabs in 2019 offer
07/08 EVN to divest from five joint stock companies
07/08 Vietnam Airlines, Vinamilk shake hands to provide 4-star service
06/08 BCG: Bamboo Capital sign condotel and villa deal
04/08 PNJ highly valued despite Dong A Bank fraud case
02/08 Novaland reports 29 per cent sales growth
31/07 HPG: Hòa Phát Group’s profit surged
26/07 MSN: Masan Group profit more than triples in first half
Newsletter Signup
Top Stories
VN manufacturing PMI hits 22-month high in March
CPI goes up 4.96 percent year-on-year in first quarter
Slight rise in February CPI
Draft decree on State monopoly in trade submitted to Government
CPI ups 0.46% in January
Market Update
Last updated at 3:14:05 PM
VN-INDEX 968.88 +4.60/+0.48%
Real-time chart
Top 5 Actives
Top 5 Gainers
Top 5 Losers
My Favorite Quotes
Your most recently viewed tickers will automatically show up here if you type a ticker in the Get Quotes box on the top of the page.
Company Research
Type in the symbol above for thorough background information, key statistics and financial information.
Stock Sectors
We continuously improve our services, here are the latest updates...
Allow you to monitor a customised group of securities. You can set up multiple Portfolios to help you better manage your investments.
Trigger Alerts
Get up-to-date alerts delivered directly to your email address.
Stock Screener
Allow you to filter the market and find exactly what sort of company you are looking for.
Live Terminal
Get instant access to FREE REAL-TIME streaming quotes for hundreds of stocks from HOSE, HNX and UPCOM exchanges.