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SCIC boosts divesture to restructure portfolios
The State Capital Investment Corporation (SCIC) has strongly divested State stakes in hundreds of shareholding companies this year in a bid to restructure its portfolios and to focus more on important sectors, the company said in a report.
The Government-owned company in September alone divested State capital in 97 State-turned-shareholding concerns, compared to its divestment of State capital in 58 companies in the entire 2008, according to the report. In the year to date, SCIC had sold out stakes in 192 firms with total real value of VND375 billion compared to the book value of VND222 billion.
SCIC, who represents the State as a shareholder in enterprises, as of September 25 had been entrusted with State stakes in 900 equitized enterprises with the total State capital amounting to over VND6.9 trillion.
"SCIC has plans to offload stakes in at least 170 enterprises within the last three months of this year," said SCIC general director Tran Van Ta.
On the other hand, SCIC has also raised its holdings in 37 enterprises with the total investment value of VND220 billion.
The company has concentrated capital on sectors in which the State role is necessary including aviation infrastructure, information technology, oil and gas, pharmacy, telecom and education.
SCIC has cooperated with the Electricity of Vietnam in Quang Ninh and Haiphong thermal power projects. The enterprise earlier invested over VND1 trillion in Vinh Son-Song Hinh and Thac Ba hydropower projects.
In addition, SCIC is focusing on three major projects, comprising one to restore Hai Duong Porcelain Joint Stock Co., one to reorganize Trang Tien Plaza commercial center in Hanoi, and to engage in the pharmacy industry in Vietnam. For the pharmaceutical project, SCIC has plans to exchange its shares for those of some enterprises in the drug industry.
For the infrastructure sector, SCIC has been joining forces hands with partners to build the Long Thanh International Airport in Dong Nai, Thu Thiem Financial and International Exhibition Center in HCMC's District 2, the Vietnam high-class management training institute, the Financial Tower, and the Russian Embassy zone in Hanoi.
SCIC has also cooperated with the Bank for Foreign Trade of Vietnam to establish an infrastructure and energy investment fund.
In addition, the company has combined with CMC Telecom Infrastructure Joint Stock Co. to provide telecom infrastructure for enterprises, and has plans to combine with the Vietnam National Oil and Gas Group for some large projects.
VietNamNet, SGT
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