ACV is publicly auctioning State capital to ensure publicity and transparency as well as to stabilise the stock market. (VNS file photo)Hanoi (VNA) - TheAirports Corporation of Vietnam (ACV) plans to sell 20 percent stake,equivalent to 4.35 trillion VND (194.77 million USD), to foreign and domesticinvestors through open auction in 2018.
Each share has the face value of 10,000 VND.
This information is key content in an ACV reportsent to the Ministry of Transport after the Prime Minister approved the list of406 State-owned enterprises marked for divestment from now until 2020.Divestment rate of State capital at ACV will be 20 percent to touch 75.4 percentof the registered capital by 2018.
The specific offering rate will depend on thesale plan approved by authorised bodies and the actual situation of the marketto ensure the highest interests of the State. The sale may be conducted once orseveral times.
ACV is publicly auctioning State capital toensure publicity and transparency as well as to stabilise the stock market.
The Ministry of Transport will selectindependent consultancy agencies to set up plans for sale of State capital.
According to the equitisation plan approved bythe Prime Minister, assets in airfields serving flight operations will not beequitised but transferred to the State.
"This may affect the attractiveness of theState capital offering at ACV because domestic and foreign investors cannotassess the entire rights and obligations of ACV in the future," an ACVofficial told the Vietnam News Agency.
Another difficulty that may affect the result ofthe sale of State capital at ACV is that the ability to absorb stocks in theUPCoM market is not high because the liquidity of this market is lower thanthat of the Ho Chi Minh Stock Exchange (HoSE) and the Hanoi Stock Exchange(HNX). Further, transactions of State capital at large enterprises areusually conducted on the HoSE or HNX.
ACV is actively pushing the negotiation processwith the transport ministry on issues related to assets in the airfield, whichis the main barrier making the corporation unqualified to list on HoSE. If thenegotiation is completed successfully this year, ACV can delist from UPCoM andmove to HoSE in the next six months.
ACV currently has a monopoly on trading,managing and operating 22 international and domestic airports throughout thecountry, with 65 percent of the revenue coming from duty-free sales atairports.
The corporation’s targets of total revenue andprofit-before-tax this year are 13.29 trillion VND and 3.67 trillion VND,respectively.
Earlier, ACV officially operated as an equitisedcompany since April 1, 2016, after it sold more than 77.8 million shares duringthe initial public offering on HoSE.
ACV has registered capital of 21.77 trillion VND(9595 million USD), equal to 2,177 million shares. The shares have been tradedon the UPCoM market since November 21, 2016, with price fluctuating between 58,000VND and 87,900 VND in the recent 60 transactions (from August 31 toNovember 23, 2017).-VNA
VNA
