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SCIC plans to sell stakes of small companies
The State Capital Investment Corporation (SCIC) is considering selling some of its holdings in small companies in a bid to restructure its investment portfolio and to retain stakes of 100 big and profitable enterprises.
In the first six months of 2009, SCIC sold state-owned stakes of 66 businesses (sold all the shares it held in 60 of the 66 businesses) with the book value of 152.3 billion dong. The actual value of the sales was 229.92 billion dong.
However, according to the Ministry of Finance, SCIC is still holding stakes in too many small businesses operating in fields in which the state does not need to hold capital. In other words, SCIC is spread too thin.
In order to successfully serve as a dynamic shareholder of enterprises and the Government’s strategic investor, SCIC thinks that it needs to urgently restructure its state-owned capital contributions in businesses by selling some stakes of small and ineffective companies.
Therefore, the Ministry of Finance plans to sell state-owned stakes in businesses with the chartered capital of 10 billion dong and less after it gets permission from Deputy Prime Minister Nguyen Sinh Hung.
In early August 2008, SCIC announced a plan to issue shares of more than 20 companies in which SICI had capital including Tuyen Quang Civil Engineering Transport Company, Song Cau Cement Company, Ha Tinh Printing Company, Long An Bus Station Company, nearly all of which have the capital of less than 10 billion dong.
SCIC was incorporated under Decisions No151 of the Prime Minister dated 20 June 2005.
Having the function of managing, making investments and trading state capital in businesses, the establishment of SCIC was part of the economic reform in general and state-owned enterprise reform in particular which aim to strengthen the efficiency of the state’s capital use.
SCIC represents the state’s capital interests in enterprises and makes investments in important fields of the national economy with a view to strengthening the dominant role of the state sector while respecting market rules.
Having officially been operational since August 2006, SCIC is now managing a big investment portfolio of 800 businesses, operating in different business fields of the national economy, from finance service, power, industry and telecommunications, construction, transport, consumer goods, health care and information technology.
vietnamnet, vnmedia
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