SCIC to sell ownership in Constrexim Holdings
SCIC to sell ownership in Constrexim Holdings
The State Capital and Investment Corporation will sell all its stakes in the Vietnam Investment Construction and Trading Joint Stock Company – 11.7 million shares.
The State Capital and Investment Corporation (SCIC) is now also the largest shareholder in Vietnam Investment Construction Trading JSC (Constrexim Holdings), with 44.5 per cent of the company's capital.
SCIC will sell its shares for VND25,800 per share, giving the deal a value of VND300 billion (US$13.3 million). This price is 37.2 per cent higher than the company's share value on the stock market.
Constrexim Holdings is now listed as CTX on the Ha Noi Stock Exchange. CTX yesterday rose 6.8 per cent to close at VND18,800 and has gained 9.6 per cent in the last three days.
SCIC reported that 900,000 shares of the 11.7 million shares were already placed on the Ha Noi stock market for trading. SCIC is working with the Vietnam Securities Depository to transform these listed 900,000 into transferable shares.
In the last four years, Constrexim Holdings earned low profits of VND57.8 billion ($2.57 million) in 2011, VND26.4 billion ($1.17 million) in 2012 and VND28.4 billion ($1.26 million) in 2014 due to the decline of the domestic real-estate market.
The company's profit rose in 2013 with a value of VND110.5 billion ($4.9 million) after it sold its property projects. In the first half of the year, Constrexim Holdings earned VND1.6 billion ($71,100). But that figure does not include an undistributed net profit of VND94.3 billion ($4.2 million) and a share premium of VND145.5 billion ($6.5 million).
The company owns projects and land property with a total area of 72,400 square metres in Ha Noi, Lao Cai Province and Khanh Hoa Province.
