Business

PM approves plan to equitise state-run construction corporation

Prime Minister Nguyen Xuan Phuc has approved a plan to equitise the State-run Vietnam Urban and Industrial Zone Development Investment Corporation which has chartered capital of 132 million USD.
PM approves plan to equitise state-run construction corporation ảnh 1Vietnam Urban and Industrial Zone Development Investment Corporation. (Photo: IDICO)

Hanoi(VNA) – Prime Minister Nguyen Xuan Phuc has approved a plan to equitise theState-run Vietnam Urban and Industrial Zone Development Investment Corporation(IDICO) which has chartered capital of 3 trillion VND (132 million USD).

Under the plan,IDICO will sell 300 million shares at face value of 10,000 VND each.

The governmentwill retain 36 percent of total shares, or 108 million, while the corporation’semployees will be offered 0.56 percent of shares, or more than 1.69 million.

Some 45 percent,or 135 million, will be sold to strategic investors while the remaining, 18.44percent, will be put up for public auction.

The PM assigned theMinistry of Construction to fix the initial public offering price of the sharesand amend the chartered capital structure if necessary.

The ministry wasasked to transfer the ownership of State shares in the company to the StateCapital Investment Corporation.

The governmentplans to divest entirely from IDICO by December 31, 2018. The company expectsto issue new shares to raise capital in the future.-VNA

VNA
#Vietnam Urban and Industrial Zone Development Investment Corporation #IDICO #state-owned enterprise #equivatisation #share sales #Ministry of Construction #construction corporation #IPO #State Capital Investment Corporation #SCIC
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