SCIC plans bigger 2012 investments

The State Capital Investment Corp. (SCIC) plans to invest around VND4 trillion (US191.8 million) in some companies and major projects in 2012 after a slow year in 2011.

SCIC plans to buy more shares and bonds this year

The government’s investment arm, also known as SCIC, will earmark some of the money for new companies chosen by the government and increase its stake in several other firms that it has already invested in.

SCIC said it will work with state-owned enterprises to invest in key projects and acquire stakes in subsidiaries from which state enterprises are divesting.

The state capital manager, which refrained from buying stocks last year, also plans to buy more stocks and bonds this year. No information on which companies it plans to invest in has been released.

SCIC, established in 2006, had investments of VND6.5 trillion ($610 million) as of the end of 2011.

Last year the corporation invested just VND586 billion, or 22.28 percent of its target. It posted a pre-tax profit of VND3.2 trillion.

The government has ordered state companies to focus on their core business activities and stop spreading their capital resources too thin.

thanhniennews

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