Business

Vinaconex set to lock foreign holdings at zero percent

The State Securities Commission has approved Vinaconex’s request to lock its ceiling foreign ownership ratio at zero percent, saying the move complies with regulations.
Vinaconex set to lock foreign holdings at zero percent ảnh 1In its business registration, Vinaconex had some sectors subject to foreign investment restriction including labour export and construction and operation of large power plants which allow no foreign investment as per 2014 Law on Investment. (Photo: kienthuc.net.vn)

Hanoi (VNA) - The State Securities Commission has approvedVinaconex’s request to lock its ceiling foreign ownership ratio at zero percent,saying the move complies with regulations.

Earlier,the Vietnam Construction and Import-Export JSC (Vinaconex) asked for permissionto adjust its foreign ownership limit to zero percent from the current 49 percentto prepare for a share offload by the State Capital Investment Corporation(SCIC) and Viettel.

BothSCIC and Viettel will sell their entire stakes, collectively 79 percent, inVinaconex worth 7.43 trillion VND (317.6 million USD), in a public auction onNovember 22 on the Hanoi Stock Exchange.

Withthe lock, foreign investors will be ineligible to participate in the auction.

Foreignshareholders owned a combined 10.86 percent of Vinaconex’s capital as ofNovember 9, including PYN Elite Fund (7.1 percent) and Market Vector VietnamETF (1.79 percent). These investors will have to sell their holdings to meetthe company’s new policy.

Accordingto Do Trong Quynh, a member of Vinaconex’s management board, this decision isto ensure compliance with State regulations on foreign ownership prior to theauction.

Inits business registration, Vinaconex had some sectors subject to foreigninvestment restriction including labour export and construction and operationof large power plants which allow no foreign investment as per 2014 Law onInvestment, Quynh was quoted as saying on ndh.vn.

Regardingwhether foreign shareholders are required to sell their shares immediately orgradually, Quynh said guidance was needed from the State Securities Commission.

Vinaconexunderperformed this year with nine-month revenue decreasing 4 percent on-yearto 6.4 trillion VND while its profit after tax dropped 41 percent to 368billion VND.  

Itsshares, with the sticker VCG, are trading at around 18,000 VND (0.77 USD) pershare on the Hanoi Stock Exchange.-VNA
VNA
#State Securities Commission #Vinaconex #2014 Law on Investment #Vietnam Construction and Import-Export JSC #State Capital Investment Corporation #Hanoi Stock Exchange #Vietnam economy #vietnam news agency #vietnamplus
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