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Viglacera (VGC) eyes stake cuts in sub-units
State-owned glass and ceramics producer Viglacera has announced it aims to complete selling stakes in several of its subsidiaries by the end of this year.
The subsidiaries Viglacera wants to withdraw from include Tu Liem JSC, Hop Thinh JSC, Tu Son JSC and Ha Long I JSC.
The company has also planned another sale of State shares by the end of the year to cut the State’s stake from nearly 54 per cent to 36 per cent. It expects to offload all the State’s capital in 2019.
The Ministry of Construction, which represents the Government to control the State’s capital in Viglacera, offered 80 million shares of Viglacera for sale at VND26,100 (US$1.16) per share in July.
The deal was unsuccessful because the price was much higher than the firm’s share price recorded on the stock market.
Viglacera’s share price lost as much as 32 per cent in July to hit a six-month low of VND15,340.
The company also planned to cancel listing more than 448.3 million shares on the Ha Noi Stock Exchange to move to the HCM Stock Exchange by the end of the year.
Viglacera is listing as VGC on the northern trading bourse. Its shares gained 1.8 per cent to close Tuesday at VND16,600 per share.
The firm targeted revenue in the second half of 2018 of VND4.97 trillion ($221 million) and the firm is set to fulfill its full-year profit target of VND950 billion.
In the first six months, Viglacera recorded VND4.18 trillion in revenue and VND447 billion in profit.
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