The Vietnam National Chemical Group (Vinachem) has proposed to the Prime Minister to delay the equitisation of the losing Ninh Binh Nitrogenous Fertiliser Plant until it generates profits again in order to ensure effective restructuring.
Hanoi (VNA) - The Vietnam National Chemical Group (Vinachem) has proposedto the Prime Minister to delay the equitisation of the losing Ninh BinhNitrogenous Fertiliser Plant until it generates profits again in order toensure effective restructuring.
The planthas incurred losses since its opening in 2012 estimated at over 3.3 trillionVND (145.4 million USD) by the end of 2016.
Themanagement authority has faced a dilemma between a plant closure and continuedproduction that could result in further losses of 1.2 trillion VND in 2017.
In case ofclosure, the plant would have to spend around 1 trillion VND per year to repayits debts.
The Ninh Binhand Ha Bac nitrogenous fertiliser plants, two member companies of Vinachem, areamong the 12 loss-making projects under the Ministry of Industry and Trade(MoIT).
InVinachem’s Q4 equitisation report to MoIT, the national chemical groupattributed the poor performance to heavy lending interest, quick depreciationand a drop in urea fertiliser prices in both local and world markets.
Apart fromthe Ninh Binh plant, the report to the Prime Minister by Vinachem alsomentioned troubles in selling stakes in other member companies, including theHa Bac plant, Industrial Gases and Welding Electrode Co Ltd, Hanoi Soap JSC and Vinh PhuBattery JSC.
Vinachemreported its charter capital rose to over 13.8 trillion VND but is still lowerthan the Government’s approved capital of 15 trillion VND. It has faced acapital shortage to repay debts as well as make investments.
Under the2016-20 restructuring scheme submitted to MoIT, Vinachem has sought theapproval of the Prime Minister and MoIT to allow the corporation to plan itsdivestment roadmap in member companies to ensure feasibility and efficiency.
The chemicalgroup is set to carry out equitisation from 2017 to 2019 and proposes that theGovernment retain a controlling stake of between 51 percent and 65 percentafter equitisation. It also plans to raise its charter capital by 5 trillionVND through a share issuance during equitisation.
It has settargets of 43.6 trillion VND in total revenues and 155 billion VND in profitsin 2017.-VNA
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