The Saigon Jewelry Co Ltd (SJC) will be equitised in 2019. (Photo: VOV) Hanoi (VNS/VNA) – The Ho Chi MinhCity People’s Committee will equitise the Saigon Jewelry Co Ltd (SJC), Vietnam’slargest gold and gold jewelry production and distribution company, in 2019.
Together with SJC, seven public utilitycompanies are also set to be equitised next year.
The municipal committee assigned the city’sboard for State-owned enterprise (SOE) management reform to perfect the planfor SOE re-organisation and reform in the 2018-20 period.
SJC, formed in 1988, is a State-ownedenterprise under the HCM City People’s Committee operating under theparent-subsidiary company model with production and trading gold and jewelry asits main business. It accounts for 90 percent of the gold bullion market sharein the domestic market.
In May 2011, the State Bank of Vietnam(SBV) appointed SJC as the sole entity authorised to produce gold bars in Vietnam.
In 2017, SJC recorded 22.95 trillion VND (998million USD) in revenue and 85.4 billion VND in pre-tax profit.
Apart from JSC, other businesses subject toequitisation next year are the public service companies of the districts of 7,8, 9, Binh Thanh, Go Vap and Nha Be, along with the Liksin Industry – Printing– Packaging Corporation.
Meanwhile, the city asked the Government toexclude HCM City Irrigation Management Company from equitisation.
At the proposal of the board for SOEmanagement reform, the municipal People’s Committee also agreed to keep 100 percentof State capital at the Saigon Water Corporation.
The southern city is acceleratingprocedures and approval of plans on equitisation and divestment of Statecapital from 39 businesses.
It added that the businesses had completed assetassessment pending approval of equitisation plans, and on receiving approval,they expected to complete equitisation within 2018 and 2019.-VNS /VNA
VNA
