SCIC to offload Constrexim stocks
The State Capital and Investment Corporation will sell all 11.7 million shares it held in the Vietnam Investment Construction and Trading Joint Stock Company.
Constrexim Holdings is now listed as CTX on the Hanoi Stock Exchange (Source: bizliveThe State Capital and Investment Corporation (SCIC) is now also the largest shareholder in Vietnam Investment Construction Trading JSC (Constrexim Holdings), with 44.5 percent of the company's capital.
SCIC will sell its shares for 25,800 VND per share, giving the deal a value of 300 billion VND (13.3 million USD). This price is 37.2 percent higher than the company's share value on the stock market.
Constrexim Holdings is now listed as CTX on the Hanoi Stock Exchange.
SCIC reported that 900,000 shares of the 11.7 million shares were already placed on the Hanoi stock market for trading. SCIC is working with the Vietnam Securities Depository to transform these listed 900,000 into transferable shares.
In the last four years, Constrexim Holdings earned low profits of 57.8 billion VND (2.57 million USD) in 2011, 26.4 billion VND (1.17 million USD) in 2012 and 28.4 billion VND (1.26 million USD) in 2014 due to the decline of the domestic real-estate market.
The company's profit rose in 2013 with a value of 110.5 billion VND (4.9 million USD) after it sold its property projects. In the first half of the year, Constrexim Holdings earned 1.6 billion VND (71,100 USD). But that figure does not include an undistributed net profit of 94.3 billion VND (4.2 million USD) and a share premium of 145.5 billion VND (6.5 million USD).
The company owns projects and land property with a total area of 72,400 square metres in Hanoi, Lao Cai province and Khanh Hoa province.-VNA
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