SCIC to sell stakes in 121 firms for after-tax profit
The State Capital Investment Corporation (SCIC) said it would offload capital in 121 businesses in 2018 with a view to making after-tax profit of 5.4 trillion VND (237.8 million USD), a 17 percent year-on-year decrease.
The State Capital Investment Corporation (SCIC) said it would offload capital in 121 businesses in 2018 (Photo: ndh.vn)
Hanoi (VNA) - The State CapitalInvestment Corporation (SCIC) said it would offload capital in 121 businessesin 2018 with a view to making after-tax profit of 5.4 trillion VND (237.8million USD), a 17 percent year-on-year decrease.
The corporation has set a reduction in bothrevenue and after-tax profit. Accordingly, its revenue target this year is 7.9trillion VND (348 million USD), up 5.9 percent from 2017.
SCIC has successfully sold 30 percent of capitalat Binh Minh Plastic Joint Stock Company to Thailand’s Nawaplastic Industriesto earn 2.3 trillion VND (101.3 million USD). Nawaplastic Industries increasedits shares to 51 percent of total capital at Binh Minh Plastic JSC.
SCIC plans to offload its stakes at Thieunien Tien Phong Plastic Joint Stock Company, FPT Joint StockCompany and Vietnam Construction and Import-Export Joint Stock Corporation(Vinaconex) again this year after a failure in 2017.
Maritime Bank has the largest charter capital in SCIC’s list of selling sharesthis year with 11.7 trillion VND (515.4 million USD). The divestment at the bankwas unsuccessful as no investor registered within the deadline of March 21.
Many large companies in the thermo-power sectorwill also be part of SCIC’s divestment plan, such as QuangNinh Thermo-power Joint Stock Company and Hai Phong Thermo-power JointStock Company. The two companies have charter capital of 4.5 trillion VND(198.2 million USD) and 5 trillion VND (220.2 million USD), respectively.
Other major names in the divestmentinclude Domesco Medical Import Export JSC, Bao Viet Group, Thang LongCorporation and Vietnam Vegetable Oil Industry Corporation.
Notably, the list of divestment this year does nothave Vietnam Dairy Product Joint Stock Company, Hau GiangPharmaceutical Joint Stock Company andVietnam Military Joint Stock Commercial Bank. SCIC holds sharesof 36 percent, 43 percent and 9.7 percent in these three companies,respectively.
It will sell shares at Vietnam Dairy Product JSCfollowing orders from the government.
Established in 2006, SCIC operates with two mainfunctions: representing the government’s capital interests in State-ownedenterprises and investing in State capital in key sectors and essentialindustries.-VNA
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The State Capital Investment Corporation (SCIC) said it would offload capital in 121 businesses in 2018 (Photo: ndh.vn) 
