Viglacera (VGC) to reduce State holding to 36%

Viglacera Corporation JSC (Viglacera) plans to reduce its State ownership to 36 per cent this year, said Luyen Cong Minh, executive chairman of the corporation.

Minh said Viglacera was committed to following the direction of the Ministry of Construction, preparing a roadmap to divest State capital and implementing investment projects on schedule.

Viglacera will focus on deploying and exploiting projects with high efficiency, Minh said. It will focus on management, organise quarterly meetings to publish information to shareholders and build up itinerary to list on HCM Stock Exchange by the end of this year.

In 2017, Viglacera exceeded the key targets in the plan assigned by the construction ministry and shareholders. This is expected to be a good foundation for the corporation to achieve its production and business plan this year as well as the target for 2016-20.

The corporation recorded a pre-tax profit of nearly VND1.02 trillion (US$44.83 million) in 2017. This number is equal to 112 per cent of the year’s plan and an increase of VND144 billion compared to the results of 2016.

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