Vietnam to sell stakes in 144 state companies in 4Q
06-OCT-2008 Intellasia | Dow Jones
Oct 6, 2008 - 7:00:00 AM
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The State Capital Investment Corp., which manages the partial privatisation of Vietnam's state-owned companies, plans to sell stakes in 144 companies in the fourth quarter, state media reported Friday.
"SCIC will offload state shares with a face value of 344 billion dong (US$20.8 million) in the fourth quarter," said SCIC deputy director Hoang Nguyen Hoc, according to the Dau Tu newspaper.
So far this year SCIC has offloaded shares valued at more than 400 billion dong in 48 companies, said the newspaper, which is published by the Ministry of Planning and Investment.
Over time, SCIC will sell stakes in more than 800 state companies, the report said.
Although the face value of the stakes is only 344 billion dong, the market value will be double or triple that figure, analysts said.
Vietnam's stock market index has fallen 51.2% so far this year, and analysts predict the market will struggle to recover if companies release large volumes of new shares in the fourth quarter of this year.
The Ho Chi Minh Stock Exchange has also announced that it plans to add more than a dozen new listings in the fourth quarter.
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