The Vietnam National Coal and Mineral Industries Holding Corporation (Vinacomin) has gained 1.6 trillion VND (76.1 million USD) from the divestment of three companies in its non-core businesses this year.
Vinacomin has completed divestment in the financial sector after selling its capital in the Vinacomin Finance Company, Saigon–Hanoi Commercial Bank (SHB) and SHB Securities Company.
Vinacomin issued 3 trillion five-year bonds in the period to mobilise capital for coal and minerals projects.
It rearranged the structure of 10 member companies to make them subsidiaries.
The group has been rushing to withdraw non-core investment of 200 billion VND (9.5 million USD) from the property sector and is set to complete the divestment process next year.
Vinacomin has also completed the withdrawal of its capital from the South Coal Joint Stock Company, which the State did not need, to reduce its stake from 77 to 34 percent.
Draft plans for the of restructuring of the Tourism and Commerce Company, the Hon Gai Mechanical Company and the Maritime Shipping Agency Company, as well as the Electricity Equipment Company and the Maritime Transportation Company are also available.
Vinacomin's Deputy General Director Nguyen Van Bien said that the firm pocketed 4.8 billion VND of its 48 billion VND investment in the Vietnam Partner BIDV Fund. It was expected that the group would complete the divestment from the fund next year.
Vinacomin has submitted its plan for divestment from non-core businesses in Laos and Cambodia to Prime Minister Nguyen Tan Dung and is waiting for instructions.
Regarding the progress of equitisation at the Electricity Corporation and the Minerals Corporation, Bien said that the two units had completed the assessment of their business value and had reported to the Ministry of Industry and Trade.
In the first nine months of 2014, Vinacomin earned 78.3 trillion VND (3.7 billion USD) in revenue, which is a 12 percent increase year on year, meeting 74 percent of the year’s target.-VNA
Vinacomin has completed divestment in the financial sector after selling its capital in the Vinacomin Finance Company, Saigon–Hanoi Commercial Bank (SHB) and SHB Securities Company.
Vinacomin issued 3 trillion five-year bonds in the period to mobilise capital for coal and minerals projects.
It rearranged the structure of 10 member companies to make them subsidiaries.
The group has been rushing to withdraw non-core investment of 200 billion VND (9.5 million USD) from the property sector and is set to complete the divestment process next year.
Vinacomin has also completed the withdrawal of its capital from the South Coal Joint Stock Company, which the State did not need, to reduce its stake from 77 to 34 percent.
Draft plans for the of restructuring of the Tourism and Commerce Company, the Hon Gai Mechanical Company and the Maritime Shipping Agency Company, as well as the Electricity Equipment Company and the Maritime Transportation Company are also available.
Vinacomin's Deputy General Director Nguyen Van Bien said that the firm pocketed 4.8 billion VND of its 48 billion VND investment in the Vietnam Partner BIDV Fund. It was expected that the group would complete the divestment from the fund next year.
Vinacomin has submitted its plan for divestment from non-core businesses in Laos and Cambodia to Prime Minister Nguyen Tan Dung and is waiting for instructions.
Regarding the progress of equitisation at the Electricity Corporation and the Minerals Corporation, Bien said that the two units had completed the assessment of their business value and had reported to the Ministry of Industry and Trade.
In the first nine months of 2014, Vinacomin earned 78.3 trillion VND (3.7 billion USD) in revenue, which is a 12 percent increase year on year, meeting 74 percent of the year’s target.-VNA
