An divestment auction on HNX (Source: VNA)

Hanoi (VNA) – Telecom giant Viettel and the State Capital Investment Corporation(SCIC) will auction off all their stakes in the Vietnam Construction and Import-Export JSC (Vinaconex), according to the Hanoi Stock Exchange (HNX). 

HNX will hold two auctions of the stakes on November 22, at which Viettel will sell a batch of over 94 million Vinaconex shares, equivalent to a capital contribution of more than 940 billion VND (40.87 million USD) or 21.28 percent of Vinaconex’s charter capital. The starting price for the batch is over 2 trillion VND (86.96 million USD), or 21,300 VND for each share.

Meanwhile, SCIC will offer a lot of over 254.9 million shares equivalent to a capital contribution of nearly 2.55 trillion VND (110.83 million USD), or 57.71 percent of Vinaconex’s charter capital. The starting price for the lot is nearly 5.43 trillion VND (236.1 million USD), or 21,300 VND apiece.

Vinaconex is the first State-owned corporation to equitise. Its shares coded VCG were officially listed on the HNX in 2008.

The firm’s charter capital now stands at over 4.47 trillion VND (192 million USD) in charter capital. Its three main shareholders are SCIC which holds a 57.71 percent stake, Viettel 21.28 percent, and PYN Elite Fund 7.54 percent.

Vinaconex’s core area of business is construction, but it is also active in property development, industrial production, construction materials and import-export.

In 2017, Vinaconex reported revenues of 10.89 trillion VND (473.48 million USD) and after tax profit of 1.63 trillion VND (70.87 million USD).-VNA