Vietnam SCIC: Boosting Share Sales to Invest in Energy, Infrastructure Projs

The State Capital Investment Corp. (SCIC), the investment arm of the Vietnamese government, said it would use proceeds from stake sales in 272 enterprises this year to invest in energy and infrastructure projects run by other state-owned corporations.

 

The shares, with a combined book value of VND560 billion (US$33 million), will be offered through auctions, stock exchanges and deals with investors, said Ngo Viet Son, director of the SCIC’s Investment Department III.

 

The corporation sold its stakes valued at VND229.9 billion in 66 companies in the first half of this year.

 

SCIC, which is managing state-owned stakes of 754 enterprises with a combine registered capital of VND20.4 trillion, is looking to sell its shares in small-sized businesses in mineral, agricultural materials, trading, aquaculture, school materials, tourism and real estate sectors.

 

In the first half, SCIC made pretax profit of VND868.9 billion on revenue of VND1.039 trillion (US$61.3 million), meeting 58.8 per cent and 42.8 per cent of the full-year target. (Young People)