Construction firms step up equitisation
The equitisation of businesses in the construction sector has been
accelerated to complete the target for equitising its 19 firms
nationwide.
The equitisation of businesses in the construction sector has been
accelerated to complete the target for equitising its 19 firms
nationwide.
In the first half of the year, the Ministry of Construction established a steering committee on equitisation for approving plans, clarifying business value, and spending for works at each company.
Vietnam Construction and Import-Export Corporation and the Infrastructure Development and Construction Corporation (Licogi) sold out all their shares at initial public offering (IPO). Licogi has negotiated to sell shares to strategic shareholders and labourers.
The ministry also submitted an equitisation plan for Vietnam Machinery Erection Corporation. It has completed the announcement of business value, as well as the equitisation plan for Construction Corporation No.1 (CC1) and Construction Material Corporation No.1.
Accordingly, CC1 will be converted into a joint stock company by the end of this year. The corporation will issue 110 million shares, with the starting price at 10,000 VND each. The Government will hold 44 million shares; 413,500 shares will be distributed to the corporation's labourers for preferential prices; 49.5 million shares will be sold to strategic investors, and 14 million shares will be sold at IPO.
Tuan Loc Construction Investment Company and Top American Vietnam want to be CC1's strategic investors by buying 41.8 million and 7.7 million shares, respectively.
In addition, several businesses in the sector have been carrying out business value assessments for their equitisation. These include Construction Machinery Corporation, Khanh Hoa Housing Development Company, Vietnam Construction Consultant Corporation, Song Da Corporation, as well as Housing and Urban Development Corporation and Vietnam Cement Corporation.
The construction sector is expected to announce business value in the third quarter. The ministry will submit equitisation plans to the Prime Minister in the last quarter of the year for approval.
The ministry also plans to divest from non-core businesses at State-owned enterprises, with a total value of 5.25 trillion VND (243 million USD).-VNA
In the first half of the year, the Ministry of Construction established a steering committee on equitisation for approving plans, clarifying business value, and spending for works at each company.
Vietnam Construction and Import-Export Corporation and the Infrastructure Development and Construction Corporation (Licogi) sold out all their shares at initial public offering (IPO). Licogi has negotiated to sell shares to strategic shareholders and labourers.
The ministry also submitted an equitisation plan for Vietnam Machinery Erection Corporation. It has completed the announcement of business value, as well as the equitisation plan for Construction Corporation No.1 (CC1) and Construction Material Corporation No.1.
Accordingly, CC1 will be converted into a joint stock company by the end of this year. The corporation will issue 110 million shares, with the starting price at 10,000 VND each. The Government will hold 44 million shares; 413,500 shares will be distributed to the corporation's labourers for preferential prices; 49.5 million shares will be sold to strategic investors, and 14 million shares will be sold at IPO.
Tuan Loc Construction Investment Company and Top American Vietnam want to be CC1's strategic investors by buying 41.8 million and 7.7 million shares, respectively.
In addition, several businesses in the sector have been carrying out business value assessments for their equitisation. These include Construction Machinery Corporation, Khanh Hoa Housing Development Company, Vietnam Construction Consultant Corporation, Song Da Corporation, as well as Housing and Urban Development Corporation and Vietnam Cement Corporation.
The construction sector is expected to announce business value in the third quarter. The ministry will submit equitisation plans to the Prime Minister in the last quarter of the year for approval.
The ministry also plans to divest from non-core businesses at State-owned enterprises, with a total value of 5.25 trillion VND (243 million USD).-VNA
You should also see
Airports to offer 9,000 domestic flights during upcoming holidays
Vietnamese airlines are expected to operate 9,000 flights on domestic routes to meet the travel demand during the upcoming National Reunification Day (April 30) and May Day (May 1) holidays, according to the Airports Corporation of Vietnam (ACV).
See more
Business
Investor confidence gains traction on improved business climate
Better investment climate, with simplified administrative producers and special incentives, has helped improve investor confidence, thus catalysing investments from a wider pook of both domestic and international investors for socio-economic development.
Business
Vietnam’s rice exports may exceed 2024 target
With positive results recorded so far, Vietnam can exceed its target of 7.6 million tonnes in rice export volume set for 2024, Nguyen Ngoc Nam, Chairman of the Vietnam Food Association, said at a conference in the Mekong Delta city of Can Tho on April 26.
Business
Ample room for Quang Ninh to attract FDI
The northeastern province of Quang Ninh has ample room to attract foreign direct investment (FDI) and realise the goal of attracting 3 billion USD in FDI this year and 10 billion USD in the 2020-2025 period.
Business
Long An, Dong Nai introduce strengths in RoK
The southern province of Long An and Dong Nai introduced their investment climate as well as socio-economic development orientations at an investment promotion conference held in the Republic of Korea (RoK) on April 26.
Business
Vietnam makes initial efforts to approach creative industries: CIEM
Vietnam has made initial efforts to approach creative industries and services, particularly a policy framework related to creative economy development, according to a new report released by the Central Institute for Economic Management (CIEM).
