SCIC to sell stakes in 121 firms in bid to make after-tax profit

HÀ NỘI — State Capital Investment Corporation (SCIC) said it would offload capital in 121 businesses in 2018.

The corporation expects to make an after-tax profit of VNĐ5.4 trillion (US$237 million) this year, posting a 17 per cent year-on-year decrease.

It has set a reduction in both revenue and after-tax profit. Accordingly, its revenue target this year is VNĐ7.9 trillion, up 5.9 per cent from 2017.

SCIC has successfully sold 30 per cent of capital at Bình Minh Plastic Joint Stock Company to Thailand’s Nawaplastic Industries to earn VNĐ2.3 trillion. Nawaplastic Industries increased its shares to 51 per cent of total capital at Bình Minh Plastic JSC.

SCIC plans to offload its stakes at Thiếu niên Tiền Phong Plastic Joint Stock Company, FPT Joint Stock Company and Việt Nam 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 shares this year with VNĐ11.7 trillion. The divestment at the bank was unsuccessful as no investor registered within the deadline of March 21.

Many large companies in the thermo-power sector will also be part of SCIC’s divestment plan, such as Quảng Ninh Thermo-power Joint Stock Company and Hải Phòng Thermo-power Joint Stock Company. The two companies have charter capital of VNĐ4.5 trillion and VNĐ5 trillion, respectively.

Other major names in the divestment include Domesco Medical Import Export JSC, Bảo Việt Group, Thăng Long Corporation and Việt Nam Vegetable Oil Industry Corporation.

Notably, the list of divestment this year does not have Việt Nam Dairy Product Joint Stock Company, Hậu Giang Pharmaceutical Joint Stock Company and Việt Nam Military Joint Stock Commercial Bank. SCIC holds shares of 36 per cent, 43 per cent and 9.7 per cent in these three companies, respectively.

It will sell shares at Việt Nam Dairy Product JSC following orders from the government.

Established in 2006, SCIC operates with two main functions: representing the government’s capital interests in State-owned enterprises and investing in State capital in key sectors and essential industries. — LV