The State-owned Song Da Corporation (Song Da) will offer nearly 220 million shares at its initial public offering (IPO) next month, the company said in a statement on its website.
The My Dinh Urban Area in Me Tri commune, Nam Tu Liem district, Hanoi - a real estate project developed by the Song Da Corporation. (Photo: VNA)
Hanoi (VNA) - TheState-owned Song Da Corporation (Song Da) will offer nearly 220 million sharesat its initial public offering (IPO) next month, the company said in astatement on its website.
The IPO will be held on December25 at the Hanoi Stock Exchange. The shares will be sold at the starting priceof 11,000 VND (49 US cents) per share.
The shares offered at the IPOequal 49 percent of its charter capital, which is 4.5 trillion VND (200 millionUSD), or 450 million shares, the company said.
The company expects to raise morethan 2.4 trillion VND from the IPO. It also plans to sell 822,000 shares to itsemployees at preferential prices.
After the IPO, the Governmentwill hold 51 percent of the company’s capital, but reduce it to below 50 percentby the end of 2019.
Song Da secured the PrimeMinister approval in June to sell 135 million shares (30 percent of the chartercapital) to its strategic investor and offer 84.77 million shares (18.82 percentof capital) at its IPO.
The total amount of shares soldto the strategic investor and at the IPO in the previous plan would be equal tothe amount of shares that Song Da plans to sell at its coming IPO.
Therefore, under the latestarrangement, the company would have no strategic investor.
According to the company’saudited 2016 financial report, it had total assets of 31.9 trillion VND by theend of last year. Its owner equity was 7.83 trillion VND and total debtsamounted to nearly 24.1 trillion VND, with short and long term loans amountingto 17.7 trillion VND.
The infrastructure company postedconsolidated revenues of 9.97 trillion VND in 2016 and net profit of the parentcompany was 359 billion VND in 2016, down 37 percent from the previous year.
In the first half of 2017, SongDa Corp recorded 9.9 trillion VND in combined revenue, a decline of 42 percentyear on year. However, its six-month post-tax profits rose 30 percent year onyear to 586 billion VND.
Song Da Corporation is the maincontractor for most hydropower projects in Vietnam. It is also involved in somemajor infrastructure projects including tunnels, highways and factories.
The company also plans to divestfrom several hydroelectricity companies this year, including the Ho BonHydropower Joint Stock Company, Nam Muc Hydropower JSC and Southern Power Investment& Development JSC.-VNA
The PM has given the green light to the equitisation plan for Song Da Corporation in the form of selling parts of state-owned capital and issuing shares to increase charter capital to 4.5 trillion VND.
The Song Da Corporation will sell nearly 200 million shares worth 48.82 percent of its charter capital in its initial public offering (IPO) scheduled for 2019.
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The My Dinh Urban Area in Me Tri commune, Nam Tu Liem district, Hanoi - a real estate project developed by the Song Da Corporation. (Photo: VNA) 
