75 SOEs to publicly auction shares

The prime minister on June 14 issued Decision 528/QD-TTg approving a list of equitised state owned enterprises that will sell shares via public auctions followed by IPOs on the country’s two trading floors.
Notably, many large equitised SOEs that are profitable in such fields as petroleum, telecoms or electricity generation are also required to publicly auction shares on the stock market. Additionally, 165 joint stock companies that the state holds controlling stakes also have to list.
Under this decision, the government has approved a list of 75 SOEs that will auctions shares via trading floors including nine independent SOEs controlled by ministries and state agencies, 44 subsidiary SOEs of the largest state owned corporations and 22 provincially managed SOEs.
Accordingly, many well-performing SOEs will be up for public auction such as MobiFone, Petroleum Technical Services (PTSC), Bai Bang Paper Co, Tan Son Nhat Cargo Service Co, Ha Tien Cement Co 2, Bim Son Cement Co and others. Particularly, as many as 165 joint stock companies that the state owns controlling stakes will be compelled to list on the stock market. Total chartered capital of these 165 companies amounts up to some 4.828 trillion dong of which state equity totals 3.672 trillion dong.
Vietnam Diary Product Joint Stock Co (Vinamilk) has the highest chartered capital of 1.5 trillion dong of which the state holds 60%, following is Tuong An Cooking Oil Joint Stock Co with chartered capital of 189.8 billion dong, Gas Petrolimex Joint Stock Co with chartered capital of 150 billion dong and Petrochemical Joint Stock Co with chartered capital of 150 billion dong.
The remaining companies have share capital ranging from 10 to 30 billion dong. It is reported that Vietnam Post and Telecommunications Corp (VNPT) will have three affiliated companies selling shares on the stock market, eight affiliated companies of Vietnam National Textile and Garment Corp (Vinatex) will make IPOs, eight companies under the Vietnam Oil and Gas Corp (PetroVietnam) will offer shares on the bourse and 11 companies under Vietnam Chemical Corp (Vinachem) will also sell shares on the trading floors.

 

Category: Stocks