|
The most prominent business events in 2011
2011 was really a difficult year for businesses. VietNamNet reviews the most noteworthy business deals of the year.
1. Vincom-Vinpearl merger – the affair of the year
The merger of the two of the companies with the highest capitalization value on the Vietnamese stock market, Vinpearl (VPL) and Vincm (VIC) has been selected as the “affair of the year”.
It was a surprise that the merger deal completed very quickly, while it took only one month to make announcement about the merger, declare the cancellation of the VPL listing on the bourse.
The merger got the approval of the shareholders of both companies, partially because the two companies had a big number of common shareholders. Vingroup held 12 percent of stakes at VIC and 20 percent at VPL. Pham Nhat Vuong held 39 percent of stakes at VIC and 10 percent at VPL.
After the merger, Vingroup, the new corporation, is believed to be the company with the biggest capitalization value of 54 trillion dong.
2. EVN Telecom fallen into the hands of Viettel
“EVN” was the name which was most mentioned in the last year. In early 2011, the government approved the plan under which FPT bought 49 percent stakes of EVN Telecom. FPT then paid a deposit of 700 billion dong for the deal. However, in April 2011, FPT Telecom unexpectedly withdrew from the deal.
Though EVN Telecom incurred losses (1 trillion dong in 2010 alone), it was hunted by many investors. Experts believe that the fiber network of EVN Telecom alone is valued at one billion dollars.
Therefore, right after FPT announced the withdrawal, VTC announced its intention to buy 12 percent of stakes, and Hanoi Telecom has also expressed its intention to buy EVN Telecom. However, EVN Telecom has fallen into the hands of Viettel under a government’s decision.
3. Sacombank once faced the risk of being swallowed
Sacombank, one of the biggest joint stock banks in Vietnam, once faced the risk of being acquired by a group of investors. In mid-2011, rumor was spread out that a group of shareholders bought 17-18 percent of stakes and planned to raise the ownership ratio to 30 percent.
After that, a lot of stake transactions relating to big shareholders of Sacombank were reported. A member of the family of President Dang Van Thanh transferred 15 million STB shares to Thanh Thanh Cong Company. Dragon Capital decided to sell all the 6.66 percent of stakes it held
In late 2011, Sacombank announced the plan to purchase 100 treasury stocks, which has been commented as a preventive measure.
4. VPF – the first football company in Vietnam established
In late 2009, Nguyen Duc Kien, Chair of Hanoi ACB Football Club, Doan Nguyen Duc, Chair of Hoang Anh Gia Lai Group, and other four chairs of other football clubs proposed to set up VPF, a company which will operate the professional soccer tournament in Vietnam.
5. Vien Dong Pharmacy – the first listed company that announced bankruptcy
After the former President of Vien Dong Pharmacy Company was arrested, the company nearly could not operate.
In late August, ANZ Bank petitioned for opening bankruptcy procedures for Vien Dong Pharmacy. DVD share listing was canceled from September 5. Meanwhile, on September 30, DVD declared the stop of operation.
6. SME became the first securities company that lost liquidity
In the last four months of 2011, SME Securities two times fell into the situation of insolvency. The Hanoi Stock Exchange then stopped all SME’s transactions on both the listed and UpCom markets for one month. The Securities Depository Center also released a decision to stop the offset payment activities of SMEs for one month.
7. PVL bargained apartments away to get money for debt payment
PVL in late 2011 announced the 35 percent price decreases for the apartments of Petro Vietnam Landmark project, accepting the loss of 70 billion dong. It had to bargain away the apartments because it needed money to pay debts to the Lien Viet bank.
vietnamnet
|
