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Listed firms seek investment equality
Listed companies will receive less foreign capital than those that are not listed unless the Government approves a policy to allow foreign investors to purchase more domestic shares, Dau Tu Chung Khoan Magazine reported on Wednesday.
This is the challenge for listed companies which have comparative advantages in liquidity and follow the rules on information security compared to the non-listed.
Last year, foreign investors spent a lot to buy shares in non-listed Vietnamese companies - and they will continue their expansion this year.
In December, International Dairy Products (IPD) sold 70 per cent of its shares, worth US$45 million, to Daiwa PI Partners, a Japanese corporation, and VinaCapital Corporation.
VinaCapital recently said it planned to buy 2 million shares, equal to 2.6 per cent of ownership, of the Quang Ngai Sugar Joint Stock Company.
In addition, the Thai Berli Jucker Corporation (BJC) is planning to buy 40 per cent of shares in the Saigon Beer-Alcohol-Beverage Joint Stock Corporation (Sabeco).
BJC offers Sabeco a price of VND80,000 per share, which was 60 per cent higher than the current Sabeco's stock price on the market.
Experts said that foreign investors would have more investment opportunities when Viet Nam opens its market to match the WTO's rules - and follows other free-trade agreements.
According to the head of a Japanese company in Viet Nam, foreign investors are seeking to make investments in Vietnamese companies, as they aim for control over those companies once the investments are completed.
It is impossible for them to control listed companies as current regulations only allow them to own a maximum of 49 per cent of company's shares.
Foreign corporations also make investments in non-listed firms as they do not want to lag behind competitors in highly potential fields including food and beverage production.
Furthermore, the ASEAN Economic Community, which will be founded at the end of this year and the Tran-Pacific Partnership (TPP), which is expected to be signed by the end of the first half, will also help turn Viet Nam into a good business environment for foreign investors.
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