SCIC to fully divest FPT

SCIC continues to divest out of FPT, source: cafeF.

On March 13 SIC sent documents to authorities and FPT to announce divesting the rest of its holdings in the company.

Specifically, SIC reported to complete the deal of selling 500,000 FPT shares on the transaction session on March 4-12, reducing its ownership to 0.09 per cent, equivalent to 558,062 shares. The transactionto sell the rest of 558,602 shares is expected to take place on April 3-15.

SIC's current chairman Le Song Lai is also a member of the board of directors of FPT. Lai also holds the position of deputy general director of SCIC, which holds 6 per cent of FPT’s capital, all of which might change after the divestment.

Tuoitre.vn stated that the SCIC will use the proceeds from this divestment for further investments.

These plans make FPT the next unit that SIC has fully divested after Vietnam Construction and Import-Export JSC (Vinaconex).

On November 22, 2018, two auctions of Vinaconex took place at the Hanoi Stock Exchange (HNX).

SCIC auctioned off a batch of 254,091,153 shares, equivalent to a capital contribution of over VND2.549 trillion ($110.83 million), making up 57.71 per cent of Vinaconex’s charter capital. The offered price for this batch was nearly VND5.43 trillion ($236.1 million), equalling VND21,300 apiece ($1).

In 2015-2017, SCIC was a major shareholder of FPT with an ownership of 6.02 per cent. SCIC began divesting FPT in 2016, with little success.

Since the beginning of 2019, the price of FPT shares increased by over 14 per cent, and SCIC has sold over 940,000 shares.

FPT’s after-tax profit in 2018 was VND3.23 trillion ($140.43 million), down nearly VND300 billion ($13 million) compared to 2017.

In addition, in the upcoming annual general shareholders’ meeting, FPT will announce the assignation of its new general director Nguyen Van Khoa.