SOE restructuring urged for 2014
Many state-owned enterprises
(SOEs) in
The
government plans to strengthen SOE restructuring and privatisation this year.
As a result, many of SOEs would hold their initial public offering (IPO) in
2014 and the first half of 2015.
Speaking
at the recent meeting to review the past year of the Ministry of Transport,
Prime Minister Nguyen Tan Dung, requested that SOEs must be privatised and
listed on the stock market. They would also be required to withdraw their
investments from non-core businesses and reorganise their management
apparatus, especially at marine, shipbuilding and aviation companies.
The
minister of transport, Dinh La Thang, pledged that they would mostly complete
SOE restructuring and that 11 state-owned corporations would be privatised in
2014. Companies subjected to the privatisation include several Civil
Engineering Construction Corporations, Thang Long Construction Corp., Vietnam
Waterway Construction Corporation (Vinawaco), Vietnam Motors Industry
Corporation (Vinamotor) and the national flagship carrier Vietnam Airlines.
Vietnam Airlines
shares to be the most attractive to investors
Of
those companies, Vietnam Airlines has drawn the most attention by domestic
and foreign investors, followed by Vinamotor, which is currently urged by the
Ministry of Transport to to offer an early IPO this year.
Statistics
have showed that Vietnam Airlines made combined revenues of VND72.555
trillion (USD3.43 billion) in 2013.. It earned a pre-tax profits of VND533
billion (USD25.21 million) during the year, up 34% compared to its plan.
Last
year, Vietnam Airlines carried around 15 million passengers, up 8.5% on year.
In
early 2014, the PM has just approved a privatisation plan for Hanoi
Construction Corporation (Hancorp) which has a registered capital of VND1.9
trillion (USD89.89 million). It would hold an IPO in 2014 by auctioning over
49.74 million shares, accounting for 26.18% of its total registered capital.
The
Vietnam National Textile and Garment Group (Vinatex) plans to go public for
the first time in the first quarter of 2014. Meanwhile, Viglacera Corp plans
to organise an IPO on February 20 at the Hanoi Stock Exchange (HNX) so as to
offer to sell over 76.94 million shares, representing 25.07% of its
registered capital, at a starting prices of VND10,300 per share.
One
day later, over seven million shares by Bach Dang Construction Corp. would be
offered for sale for the first time at HNX. Irrigation Construction Corp No.4
would hold an IPO on February 19.
Several
other SOEs would also be listed on the stock market during 2014 including the
State Capital Investment Corporation (SCIC) and the Bank for Investment and
Development of Vietnam (BIDV).
An
anonymous expert said despite the large amount of shares to be offered in the
stock market, there’s a few worries about the Vietnamese stock market in 2014
as its capital is still modest compared to the national GDP. Private
investors would be capable to buy all attractive shares.
By
the end of last year, over 700 enterprises had been listed on the Vietnamese
stock market. However, the market capitalisation was still the lowest in the
Asian region due the large number of small-sized and low quality stocks and
the lack of transparency of information about companies that hold IPO.
VnEconomy
|
Thứ Ba, 14 tháng 1, 2014
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