Vinaconex (VCG) to increase foreign ownership to 49 per cent

Viet Nam Construction and Import-Export Joint Stock Corporation (Vinaconex or VCG) plans to eliminate and amend some business lines to open more room for foreign investors, to 49 per cent.

 

The move aims to diversify ownership forms at VCG, increasing liquidity and improving the attractiveness of VCG shares.

Details of the plan will be released at the company's 2019 annual general shareholders' meeting to be held on June 28.

The company now has three industries that limit the ownership rate of foreign investors at zero per cent, which are wholesale of tobacco and rustic tobacco products, supply and management of labour resources and other retail sale of new goods in specialised stores. At the same time, the company has not yet determined the ownership rate of foreign investors in five other industries.

In 2019, Vinaconex plans to earn consolidated revenue of VND10 trillion (US$428.4 million) and after-tax profit of VND743 billion, up by 16 per cent year-on-year.

Last year, Vinaconex earned VND9.7 trillion in revenue, down more than 10 per cent compared to 2017, of which the revenue from industrial production was VND886 billion, down 7 per cent compared to the same period of the previous year. Revenue from commercial services reached VND721 billion, down 3.4 per cent.

Post-tax profit decreased by more than 60 per cent compared to 2017, to VND639 billion.

With the results achieved, the company spent more than VND530 billion to pay dividends at a rate of 12 per cent.

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