SCIC declares ultimate garage sale

October 01, 2016 | 15:13

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State Capital Investment Corporation (SCIC) has recently announced plans to fully divest from a series of companies.

Today, SCIC announced its decision to sell all 51.4 million shares it currently owns in Quang Ninh Thermal Power JSC. Investors have to register to buy the whole share volume in a single bulk. The shares will be publicly auctioned with the starting price of VND11,200 (50 US cent), equal to a total VND576 billion ($25.8 million). Interested investors are required to register by October 25 and pay the deposit by November 1.

Quang Ninh Thermal Power JSC has the registered capital of VND4.5 trillion ($201 million). The stakes that SCIC is selling make up 11.42 per cent. In the first half of 2016, the company earned VND4.378 trillion ($196.3 million) in revenue, up VND100 billion ($4.5 million) on-year. The net profit was VND378 billion ($17 million), 8.2 times that of the first half of last year, mostly due to its financial revenue. By the end of the first half the company made a cumulative loss of VND1.5 trillion ($67.2 million).

Quang Ninh Thermal Power JSC is one of the four companies SCIC plans to divest in September. Yesterday, the company announced selling its whole 0.3 per cent stake, 2.4 million shares, in Maritime Bank, also in bulk, with the starting price of VND11,700 (52 US cent) per share.

Earlier in the month, SCIC also said it will sell its nine per cent stake in Vietnam Dairy Products JSC (Vinamilk) this year. At the current price of Vinamilk shares, SCIC can earn VND18.3 trillion ($820 million) from the sale. SCIC is also selling 3 per cent of seafood producer Cafatex Corp in October.

According to a plan announced earlier, by the end of this year SCIC will sell its stakes in 120 out of the 197 companies where it is a shareholder. Among these 120 companies are ten of the biggest listed Vietnamese companies. The market value of SCIC's holding in these enterprises is about VND100 trillion ($4.48 billion).

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