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Many enterprises delaying equitisation plans
A series of enterprises which have plans to equitise and make IPO in 2008 have decided to delay their plans till next year due to the falling stock market.
The Vietnam Textile and Garment Group (Vinatex) has officially asked to delay its equitisation plan till 2009. Vietinbank, VMS Mobifone, Vinaphone and Vietnam Airlines are also leaving open the possibility that their equitisation plans will be postponed.
Chairman of the Mekong Housing Bank Huynh Nam Dung in April 2008 affirmed that the bank would initiate equitisation as initially planned and make IPO in 2008. However, no exact timetable for the equitisation has been released as of yet, though Bao Viet Securities Company, the bank’s consultant, is still pushing forward the equitisation process.
Vinatex has decided to delay its equitisation plan, because the ‘current moment is not favourable for the equitisation’, while many partners and big investors are not really interested in becoming the group’s partners.
General Director of Mobifone Le Ngoc Minh also said that it is very likely that Mobifone will delay equitisation till 2009.
It was decided by the Ministry of Information and Communications that Vinaphone would be equitised after Mobifone; therefore, Vinaphone will certainly have to kick off the process in 2009.
Vietinbank submitted to the government an equitisation plan in April 2008, under which, 25% of stakes will be sold to domestic and foreign investors. However, the bank has not announced the exact time for its IPO yet, because of ‘unfavourable conditions’.
Tran Ngoc Nam, a stock analyst, said that with the current demand of investors, it would be unwise to make IPO at this moment as the shares of the enterprises would be undervalued.
The director of a big company also said that the top priority goal of equitisation is to improve competitiveness, technology and management skills, not to try to get as much money as possible. However, it would be a big loss if the enterprises equitised now and shares were unsalable.
400 state-owned enterprises were scheduled to be equitised in 2008, including 45 general corporations. However, it is likely that only 10 general corporations will complete the equitisation process in 2008.
It is clear that the unfavourable condition of the stock market is the main reason that enterprises are delaying their plans. However, other technical problems, including enterprise appraisal, have also made the equitisation process slower. Vietnam Airlines, for example, has assets in the north, south and the central region and the corporation has been facing difficulties with asset appraisal as it does not have a red book and original vouchers to prove ownership.
Other enterprises, like Vinatex, have difficulties in equitisation because it has too many members.
53 economic groups and general corporations are scheduled to be equitised by 2010.
VNN
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