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Gov’t investment arm to sell more shares
State Capital Investment Corp. (SCIC), which manages shares for Vietnam's government, plans this quarter to sell holdings in almost a fifth of the companies it invested in.
The sale of stakes in 144 smaller companies aims to withdraw state money from firms that are not operating in key industries such as infrastructure, according to an e-mailed statement Wednesday from the Hanoi-based SCIC.
“These companies should attract investment from outside investors,” Hoang Nguyen Hoc, SCIC deputy general director in Hanoi, said in the statement.
The shares, with a book value of VND344 billion (US$20.7 million), will be sold mostly through public bids.
SCIC currently has about VND7.5 trillion ($450 million) of holdings in more than 800 companies, according to the statement. More than 700 of these companies are small and don't require state investment.
Since SCIC started its operations in August 2006, the government's investment arm has sold shares totaling VND400 billion in 61 companies, the statement said.
Thanhnien
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