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PM agrees to equitise 19 firms by end of 2010
A total of 19 one-member limited companies under the management of the State Capital Investment Corporation (SCIC) will be equitised over the next two years under a plan approved by the Prime Minister on Monday.
Ten enterprises will be equitised this year. Seven more will be equitised in 2009 and two enterprises are scheduled to be equitised in 2010.
In addition, the management of two other one-member limited companies, Dong Thap 1 Co and Dong Thap 4 Forestry Co, will be handed over to the southern province of Long An People ’s Committee this year.
The Prime Minister has instructed the SCIC’s management board to guide the implementation of the equitisation.
SCIC is Vietnam ’s sovereign wealth manager, the official entity assigned to manage State capital freed up by the equitisation of State-owned enterprises. Up until now it has reinvested the funds directly into other enterprises.
In the move away from full State ownership, the Vietnam National Oil and Gas Group (PetroVietnam) has completed the equitisation of 12 enterprises. Equitisation brought in 23.78 trillion VND (1.48 billion USD) from outside investors.
PetroVietnam said that the total charter capital of the 12 enterprises now stands at 12.53 trillion VND (783.43 million USD), compared with 11.58 trillion VND prior to equitisation. The State still holds 64.6 percent ownership at 8.11 trillion VND (506.87 million USD).
VNA
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