The State Capital Investment Corporation (SCIC) will sell stakes inState-owned enterprises (SOEs) it is holding via auctions on thenorthern bourse, says The Saigon Times Daily, quoting an agreement SCICsigned with Hanoi Stock Exchangeon December 6.
Underthe memorandum of understanding, SCIC and the northern bourse will joinforces in restructuring those SOEs where State stakes are held by SCIC.Such enterprises will be asked to get listed on bourse to improve theirperformance transparency.
The list of those SOEs whose State stakes are to be sold is not unveiled, however.
Lai Van Dao, general director of SCIC, said that the corporation willaccelerate the restructuring process of SOEs in line with newregulations issued by the Government that allow for more flexibleoperations of SCIC.
“SCIC will bolster the sale ofState stakes in those enterprises where State ownership is deemed notnecessary so as to concentrate (capital) resources on key industries ofthe economy,” Dao said.
Deputy Prime Minister HoangTrung Hai last week noted that the program to let SOEs go public hadalmost stalled after the global crisis, with the number of SOEs sellingshares or getting disbanded totaling only 32 in 2012 and 100 this year.
Meanwhile, the Government aims for reducing thenumber of State concerns from the current 1,200 to around 300 by 2020,with more enterprises in the sectors of oil and gas, electricity andmining to go.
The Government will considerdissolving money-losing State-owned enterprises, while efficiententerprises will also be put on offer via auctions, Hai said.
Tran Van Dung, board chairman and CEO of Hanoi Stock Exchange, notedthat the cooperation between the northern bourse and SCIC in the pastfew years has borne fruit, with stakes in many SOEs auctioned.
“In the past three years, SCIC has divested stakes in ten SOEs viaauctions on the northern bourse with the total value of VND160 billion,which is twice the nominal value and some VND4 billion higher than thestarting prices,” Dung said.
Currently, there are 33SOEs with SCIC holdings listed on the northern bourse with combinedchartered capital of 8.29 trillion VND compared to their current marketvalue of 14 trillion VND.-VNA
Underthe memorandum of understanding, SCIC and the northern bourse will joinforces in restructuring those SOEs where State stakes are held by SCIC.Such enterprises will be asked to get listed on bourse to improve theirperformance transparency.
The list of those SOEs whose State stakes are to be sold is not unveiled, however.
Lai Van Dao, general director of SCIC, said that the corporation willaccelerate the restructuring process of SOEs in line with newregulations issued by the Government that allow for more flexibleoperations of SCIC.
“SCIC will bolster the sale ofState stakes in those enterprises where State ownership is deemed notnecessary so as to concentrate (capital) resources on key industries ofthe economy,” Dao said.
Deputy Prime Minister HoangTrung Hai last week noted that the program to let SOEs go public hadalmost stalled after the global crisis, with the number of SOEs sellingshares or getting disbanded totaling only 32 in 2012 and 100 this year.
Meanwhile, the Government aims for reducing thenumber of State concerns from the current 1,200 to around 300 by 2020,with more enterprises in the sectors of oil and gas, electricity andmining to go.
The Government will considerdissolving money-losing State-owned enterprises, while efficiententerprises will also be put on offer via auctions, Hai said.
Tran Van Dung, board chairman and CEO of Hanoi Stock Exchange, notedthat the cooperation between the northern bourse and SCIC in the pastfew years has borne fruit, with stakes in many SOEs auctioned.
“In the past three years, SCIC has divested stakes in ten SOEs viaauctions on the northern bourse with the total value of VND160 billion,which is twice the nominal value and some VND4 billion higher than thestarting prices,” Dung said.
Currently, there are 33SOEs with SCIC holdings listed on the northern bourse with combinedchartered capital of 8.29 trillion VND compared to their current marketvalue of 14 trillion VND.-VNA
