The equitisation of businesses in the construction sector has beenaccelerated to complete the target for equitising its 19 firmsnationwide.
In the first half of the year, the Ministry ofConstruction established a steering committee on equitisation forapproving plans, clarifying business value, and spending for works ateach company.
Vietnam Construction and Import-Export Corporationand the Infrastructure Development and Construction Corporation(Licogi) sold out all their shares at initial public offering (IPO).Licogi has negotiated to sell shares to strategic shareholders andlabourers.
The ministry also submitted an equitisation plan forVietnam Machinery Erection Corporation. It has completed theannouncement of business value, as well as the equitisation plan forConstruction Corporation No.1 (CC1) and Construction MaterialCorporation No.1.
Accordingly, CC1 will be converted into ajoint stock company by the end of this year. The corporation will issue110 million shares, with the starting price at 10,000 VND each. TheGovernment will hold 44 million shares; 413,500 shares will bedistributed to the corporation's labourers for preferential prices; 49.5million shares will be sold to strategic investors, and 14 millionshares will be sold at IPO.
Tuan Loc Construction InvestmentCompany and Top American Vietnam want to be CC1's strategic investors bybuying 41.8 million and 7.7 million shares, respectively.
Inaddition, several businesses in the sector have been carrying outbusiness value assessments for their equitisation. These includeConstruction Machinery Corporation, Khanh Hoa Housing DevelopmentCompany, Vietnam Construction Consultant Corporation, Song DaCorporation, as well as Housing and Urban Development Corporation andVietnam Cement Corporation.
The construction sector is expectedto announce business value in the third quarter. The ministry willsubmit equitisation plans to the Prime Minister in the last quarter ofthe year for approval.
The ministry also plans to divest fromnon-core businesses at State-owned enterprises, with a total value of5.25 trillion VND (243 million USD).-VNA
In the first half of the year, the Ministry ofConstruction established a steering committee on equitisation forapproving plans, clarifying business value, and spending for works ateach company.
Vietnam Construction and Import-Export Corporationand the Infrastructure Development and Construction Corporation(Licogi) sold out all their shares at initial public offering (IPO).Licogi has negotiated to sell shares to strategic shareholders andlabourers.
The ministry also submitted an equitisation plan forVietnam Machinery Erection Corporation. It has completed theannouncement of business value, as well as the equitisation plan forConstruction Corporation No.1 (CC1) and Construction MaterialCorporation No.1.
Accordingly, CC1 will be converted into ajoint stock company by the end of this year. The corporation will issue110 million shares, with the starting price at 10,000 VND each. TheGovernment will hold 44 million shares; 413,500 shares will bedistributed to the corporation's labourers for preferential prices; 49.5million shares will be sold to strategic investors, and 14 millionshares will be sold at IPO.
Tuan Loc Construction InvestmentCompany and Top American Vietnam want to be CC1's strategic investors bybuying 41.8 million and 7.7 million shares, respectively.
Inaddition, several businesses in the sector have been carrying outbusiness value assessments for their equitisation. These includeConstruction Machinery Corporation, Khanh Hoa Housing DevelopmentCompany, Vietnam Construction Consultant Corporation, Song DaCorporation, as well as Housing and Urban Development Corporation andVietnam Cement Corporation.
The construction sector is expectedto announce business value in the third quarter. The ministry willsubmit equitisation plans to the Prime Minister in the last quarter ofthe year for approval.
The ministry also plans to divest fromnon-core businesses at State-owned enterprises, with a total value of5.25 trillion VND (243 million USD).-VNA
