SOEs pledge to get equitisation plans on schedule
Chairmen and CEOs of 29 State-owned enterprises (SOEs) in Ho Chi Minh City have pledged to let their entitities go public by the end of 2015.
Chairmen and CEOs of 29 State-owned enterprises (SOEs) in Ho Chi Minh City have pledged to let their entitities go public by the end of 2015.
Leaders of these 29 SOEs on March 13 signed pledges to get their equitisation plans moving on schedule; otherwise, they will face disciplinary measures, said the Saigon Times Daily.
Doan Tuong Thuy, Chairman of Specialist & Labor Export Service Co. Ltd. (Suleco), said he would accept any disciplinary measures if he failed to have Suleco equitised before December this year.
Tran Thi Thanh Nhan, Chairwoman of Cho Lon Investment and Import-Export Co. Ltd., or Cholimex, said Cholimex leaders would be certainly held responsible if the enterprise did not go public before December next year.
Cholimex pledged to launch an initial public offering in September 2015 and finish equitisation at the end of next year.
However, Cholimex General Director Dao Xuan Duc told the Daily that a huge volume of shares would be launched onto the market as 432 enterprises would go public in the 2014-2015 period.
Meanwhile, buying power on the stock market is limited. Many large enterprises will go public during the period, fueling competition among issuing businesses to attract investors, Duc said.
HCM City’s Vice Chairman Le Manh Ha said the city did not obtain the equitisation target for nine SOEs last year due to delays in property handover or signing of contracts with consultants. Some enterprises were found to infringe regulations on labour, wage and leadership reshuffle.
The city has set a target of equitizing 31 SOEs in 2014-2015. However, two enterprises are seeking approval to implement their equitisation plans later than 2015 while the remaining 29 will have to get equitisation done prior to December 2015.
The entities to go public include popular brands such as Saigon Jewelry Holding Company (SJC), Saigon Cultural Products Co., Saigon 5 Garment Co., HCM City Housing Development and Trading Co., Benthanh Tourist Co., Gia Dinh Garment & Textile Company, and Saigon Hi-Tech Park Development Company.-VNA
Leaders of these 29 SOEs on March 13 signed pledges to get their equitisation plans moving on schedule; otherwise, they will face disciplinary measures, said the Saigon Times Daily.
Doan Tuong Thuy, Chairman of Specialist & Labor Export Service Co. Ltd. (Suleco), said he would accept any disciplinary measures if he failed to have Suleco equitised before December this year.
Tran Thi Thanh Nhan, Chairwoman of Cho Lon Investment and Import-Export Co. Ltd., or Cholimex, said Cholimex leaders would be certainly held responsible if the enterprise did not go public before December next year.
Cholimex pledged to launch an initial public offering in September 2015 and finish equitisation at the end of next year.
However, Cholimex General Director Dao Xuan Duc told the Daily that a huge volume of shares would be launched onto the market as 432 enterprises would go public in the 2014-2015 period.
Meanwhile, buying power on the stock market is limited. Many large enterprises will go public during the period, fueling competition among issuing businesses to attract investors, Duc said.
HCM City’s Vice Chairman Le Manh Ha said the city did not obtain the equitisation target for nine SOEs last year due to delays in property handover or signing of contracts with consultants. Some enterprises were found to infringe regulations on labour, wage and leadership reshuffle.
The city has set a target of equitizing 31 SOEs in 2014-2015. However, two enterprises are seeking approval to implement their equitisation plans later than 2015 while the remaining 29 will have to get equitisation done prior to December 2015.
The entities to go public include popular brands such as Saigon Jewelry Holding Company (SJC), Saigon Cultural Products Co., Saigon 5 Garment Co., HCM City Housing Development and Trading Co., Benthanh Tourist Co., Gia Dinh Garment & Textile Company, and Saigon Hi-Tech Park Development Company.-VNA
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