Vietnam to raise $90 million by selling stakes in state owned enterprises

By HQ online, Dam Tuan   April 5, 2016 | 05:52 pm GMT+7

State owned enterprises sold stakes in the first quarter of 2016 worth VND2.012 trillion, an increase of 27.5 percent compared with the same period last year.

According to the Hanoi Stock Exchange (HNX), the number of investors climbed to 727 with demand rising to 1.7 times higher than on offer.

vietnam-to-get-about-90-million-by-selling-stakes-in-state-owned-enterprises

Workers check bids at a stake auction. Photo: HQ online

Many investors were willing to pay higher prices than the original asking price, with Quang Ninh Bus and Boat Station One Member Co., Ltd witnessing prices five times higher than the asking price.

Following a decision by the prime minister, state owned enterprises have divested from the irrigation and drainage sector, and five enterprises in this field launched IPOs in the first quarter in the provinces of Yen Bai, Vinh Phuc, Lao Cai, Hai Duong and Thanh Hoa.

In Q1, the Ministry of Transport held an auction to sell the state's stake in Vietnam Motors Industry Corporation JSC. A further four IPOs were held in March to sell off shares in other SOEs.

 
 
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