State-owned Vietnam Steel Corporation will reorganise as a jointstock company next month, Chairman Mai Van Tinh announced on Sept. 20,vowing no more delays to its equitisation process.
"We'vebeen behind schedule for the past nine months, so the first fiscal yearunder the joint stock model will begin on October 1 of this year," saidTinh.
The State currently holds nearly 94 percent of thecorporation's charter capital of 6.8 trillion VND (328 million USD). Asthe company equitises, 39.1 million shares, representing a 5.76-per-centstake, will be sold to investors. Another 29 percent will be offered toforeign strategic investors, leaving the State with a controllinginterest of 65 percent.
"We will finish finding foreignstrategic partners in the fourth quarter of next year," said GeneralDirector Le Phu Hung, noting that Vietnam Steel would be offering themaximum interest to foreigners allowed by law.
VietnamSteel has already received feelers from potential Russian investors suchas Novolipetsk Steel Corporation and Evraz Group SA, Hung said.
"Next month, we will learn more about the interest of some majorJapanese steelmakers, including Nipon Steel, JSE, Tokyo Steel, KobeSteel, Mitsubishi and Marubeni-Itochu," he added.
Uponequitising, Vietnam Steel expects to increase its charter capital to 8trillion VND (386.5 million USD). Expecting earnings this year of 14trillion VND (676.3 million USD), it targets to pay a dividend of 7percent on this year's profits and dividends of 9-11 percent over thenext two years./.
"We'vebeen behind schedule for the past nine months, so the first fiscal yearunder the joint stock model will begin on October 1 of this year," saidTinh.
The State currently holds nearly 94 percent of thecorporation's charter capital of 6.8 trillion VND (328 million USD). Asthe company equitises, 39.1 million shares, representing a 5.76-per-centstake, will be sold to investors. Another 29 percent will be offered toforeign strategic investors, leaving the State with a controllinginterest of 65 percent.
"We will finish finding foreignstrategic partners in the fourth quarter of next year," said GeneralDirector Le Phu Hung, noting that Vietnam Steel would be offering themaximum interest to foreigners allowed by law.
VietnamSteel has already received feelers from potential Russian investors suchas Novolipetsk Steel Corporation and Evraz Group SA, Hung said.
"Next month, we will learn more about the interest of some majorJapanese steelmakers, including Nipon Steel, JSE, Tokyo Steel, KobeSteel, Mitsubishi and Marubeni-Itochu," he added.
Uponequitising, Vietnam Steel expects to increase its charter capital to 8trillion VND (386.5 million USD). Expecting earnings this year of 14trillion VND (676.3 million USD), it targets to pay a dividend of 7percent on this year's profits and dividends of 9-11 percent over thenext two years./.
