The Song Da Corporation will sell nearly 200 million shares worth 48.82 percent of its charter capital in its initial public offering (IPO) scheduled for 2019. (Photo vietnamnet.vn)Hanoi (VNA) – The Song Da Corporation will sell nearly 200 million sharesworth 48.82 percent of its charter capital in its initial public offering (IPO)scheduled for 2019.
Announcingits latest plan, the corporation said the new one incorporated some changesmade in accordance with the Prime Minister’s instruction on assessing thecompany’s value and adjusting initial public offerings.
Inmid-June this year, Song Da Corporation secured the Prime Minister approval tosell 30 percent of its capital to strategic investors and 18.82 percent to thepublic in 2019.
Thereasons for the corporation’s cancellation of offerings to strategic investorshave not been disclosed.
The56-year-old corporation is one of Vietnam’s leading infrastructure companieswith a charter capital of 4.5 trillion VND (198.2 million USD).
Underthe equitisation plan, the Government will retain 51 percent stake in the firmuntil the end of 2019, then reduce it to below 50 percent the following year.
TheMinistry of Construction has been assigned to decide the IPO prices, thecriteria for selecting strategic investors as well as the amount of sharesoffered to them.
Thecorporation is set to finalise its equitisation plan by the end of this year.
Accordingto the company’s audited 2016 financial report, it had total assets of 31.9trillion VND by the end of last year. Its owner’s equity was 7.83 trillion VNDand total debts amounted to nearly 24.1 trillion VND, with short and long termloans amounting to 17.7 trillion VND.
Theinfrastructure company posted consolidated revenues of 9.97 trillion VND in2016 and net profit of the parent company was 359 billion VND in 2016, down 37 percentfrom the previous year.
SongDa Corporation is the main contractor for most hydropower projects in Vietnam.It is also involved in some major infrastructure projects including tunnels,highways and factories. It plans to divest from several hydroelectricitycompanies in October this year, including the Ho Bon Hydropower Joint StockCompany, Nam Muc Hydropower JSC and Southern Power Investment & DevelopmentJSC. -VNA
Announcingits latest plan, the corporation said the new one incorporated some changesmade in accordance with the Prime Minister’s instruction on assessing thecompany’s value and adjusting initial public offerings.
Inmid-June this year, Song Da Corporation secured the Prime Minister approval tosell 30 percent of its capital to strategic investors and 18.82 percent to thepublic in 2019.
Thereasons for the corporation’s cancellation of offerings to strategic investorshave not been disclosed.
The56-year-old corporation is one of Vietnam’s leading infrastructure companieswith a charter capital of 4.5 trillion VND (198.2 million USD).
Underthe equitisation plan, the Government will retain 51 percent stake in the firmuntil the end of 2019, then reduce it to below 50 percent the following year.
TheMinistry of Construction has been assigned to decide the IPO prices, thecriteria for selecting strategic investors as well as the amount of sharesoffered to them.
Thecorporation is set to finalise its equitisation plan by the end of this year.
Accordingto the company’s audited 2016 financial report, it had total assets of 31.9trillion VND by the end of last year. Its owner’s equity was 7.83 trillion VNDand total debts amounted to nearly 24.1 trillion VND, with short and long termloans amounting to 17.7 trillion VND.
Theinfrastructure company posted consolidated revenues of 9.97 trillion VND in2016 and net profit of the parent company was 359 billion VND in 2016, down 37 percentfrom the previous year.
SongDa Corporation is the main contractor for most hydropower projects in Vietnam.It is also involved in some major infrastructure projects including tunnels,highways and factories. It plans to divest from several hydroelectricitycompanies in October this year, including the Ho Bon Hydropower Joint StockCompany, Nam Muc Hydropower JSC and Southern Power Investment & DevelopmentJSC. -VNA
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