PM approves equitisation plan for Vietnam Seaproducts Corp.
The Prime Minister has approved the plan to equitise the Vietnam National Seaproducts Corporation (Seaprodex).
Under the plan, Seaprodex’s total value for equitisation is more than VND1.48 trillion (US$70.47 million), including more than VND1.37 trillion (US$65.14 million) owned by the State, part of which will be sold.
After equitisation, the company’s charter capital will stand at VND1.25 trillion (more than US$59.52 million), 51% of which will be owned by the State.
Out of the remaining capital, 423,600 shares or 0.34% of the chartered capital will be sold to the firm’s employees at preferential prices. Another 60.8 million shares, 48.66% of the chartered capital, will be put up for public auction.
From 2015 onwards, the State-owned shares in Seaprodex are scheduled to be divested to account for less than 51% of the chartered capital.
The PM tasked the Minister of Agriculture and Rural Development with the organisation of the auction of shares and the stock market listing for Seaprodex.
In addition to the parent company, Seaprodex currently owns five affiliates, five partner companies and a joint venture.
In recent years, the company’s consolidated revenue totalled approximately VND3.5-3.6 trillion (more than US$165 million) a year.
In 2013, the corporation recorded VND3.46 trillion (more than US$164.71 million) in net revenue and VND105 billion (US$5 million) in pre-tax profit.
After equitisation, the company’s charter capital will stand at VND1.25 trillion (more than US$59.52 million), 51% of which will be owned by the State.
Out of the remaining capital, 423,600 shares or 0.34% of the chartered capital will be sold to the firm’s employees at preferential prices. Another 60.8 million shares, 48.66% of the chartered capital, will be put up for public auction.
From 2015 onwards, the State-owned shares in Seaprodex are scheduled to be divested to account for less than 51% of the chartered capital.
The PM tasked the Minister of Agriculture and Rural Development with the organisation of the auction of shares and the stock market listing for Seaprodex.
In addition to the parent company, Seaprodex currently owns five affiliates, five partner companies and a joint venture.
In recent years, the company’s consolidated revenue totalled approximately VND3.5-3.6 trillion (more than US$165 million) a year.
In 2013, the corporation recorded VND3.46 trillion (more than US$164.71 million) in net revenue and VND105 billion (US$5 million) in pre-tax profit.