Hanoi (VNA) — StateCapital Investment Corporation (SCIC) expects to make a pre-tax profit of 6.6trillion VND (290.5 million USD) in 2017, posting a 33 percent year-on-yearincrease.
The corporation said at a meeting on January17 in Hanoi that it posted revenue of 7.38 trillion VND and after-taxprofit of 6.3 trillion VND, up 36 percent from the set targets.
Last year, it successfully sold itsstakes in 38 firms, including total share sales at 36 units and a part ofshares at two others. SCIC collected 932 billion VND from its divestments, 2.2times higher than their cost prices.
By selling a 5.4 percent stakein Vietnam Dairy Product JSC (Vinamilk), which was directly paid to the Statebudget, SCIC collected 21.2 trillion VND, which was 19.1 times higher than costprices.
So far, the corporation has sold Statecapital in 986 companies since its establishment in 2005, collecting 28trillion VND, 3.5 times higher than cost prices.
In November, SCIC successfully sold its48.3 million shares of Vinamilk, equal to 3.33 percent of the dairy firm’scapital, to Singaporean firm Jardine Cycle & Carriage for 186,000 VND pershare in a deal worth a total of 9 trillion VND.
By the end of last year, SCIC was managingState capital worth 19.1 trillion VND in book value at 133enterprises. SCIC plans to step up the handover of State capitalownership, strengthen management and continue restructuring as well as speed upthe sale of State capital. Its financial investment activities will also beincreased.
Nguyen Chi Thanh, SCIC’s Deputy GeneralDirector, said SCIC met the set targets. It was not in a hurry to sell stakesin State-owned capital in 2017 as it forecast the VN-Index would be higher thisyear.
“We keep assets to sell them when theVN-Index increases, thus creating higher value for divestments,” Thanh said.-VNA
The corporation said at a meeting on January17 in Hanoi that it posted revenue of 7.38 trillion VND and after-taxprofit of 6.3 trillion VND, up 36 percent from the set targets.
Last year, it successfully sold itsstakes in 38 firms, including total share sales at 36 units and a part ofshares at two others. SCIC collected 932 billion VND from its divestments, 2.2times higher than their cost prices.
By selling a 5.4 percent stakein Vietnam Dairy Product JSC (Vinamilk), which was directly paid to the Statebudget, SCIC collected 21.2 trillion VND, which was 19.1 times higher than costprices.
So far, the corporation has sold Statecapital in 986 companies since its establishment in 2005, collecting 28trillion VND, 3.5 times higher than cost prices.
In November, SCIC successfully sold its48.3 million shares of Vinamilk, equal to 3.33 percent of the dairy firm’scapital, to Singaporean firm Jardine Cycle & Carriage for 186,000 VND pershare in a deal worth a total of 9 trillion VND.
By the end of last year, SCIC was managingState capital worth 19.1 trillion VND in book value at 133enterprises. SCIC plans to step up the handover of State capitalownership, strengthen management and continue restructuring as well as speed upthe sale of State capital. Its financial investment activities will also beincreased.
Nguyen Chi Thanh, SCIC’s Deputy GeneralDirector, said SCIC met the set targets. It was not in a hurry to sell stakesin State-owned capital in 2017 as it forecast the VN-Index would be higher thisyear.
“We keep assets to sell them when theVN-Index increases, thus creating higher value for divestments,” Thanh said.-VNA
VNA
