27.11.2020, 04:56

The Ministry of Construction divested all capital in CC1, earning nearly 1,030 billion VND


The Ministry of Construction divested all capital in CC1, earning nearly 1,030 billion VND

Accordingly, the whole lot of 45 million shares of CC1, equivalent to 40.53% of the capital owned by the Ministry of Construction, was sold to 12 individual investors with the average winning price of 23,031 VND / share, higher 36% compared to CC1 market price on 11/26.

Thus, this deal brought the Ministry of Construction nearly 1,030 billion VND.

Construction Corporation No.1, formerly known as Construction Corporation No. 1 – One Member Limited Liability Company, 1 state-owned enterprise was established in 1979. As of November 1, 2016, the Corporation was successfully equitized. Joint Stock Company with a charter capital of 1,100 billion VND.

Shareholder structure as of June 30, 2020 includes the Ministry of Construction (representing state capital), accounting for 40.53%; Tuan Loc Construction Investment Joint Stock Company accounts for 19%; Nam Thinh Refrigeration Electrical Engineering Joint Stock Company accounts for 15%; Top American Vietnam Joint Stock Company accounts for 11% and other shareholders account for 14.47%.

According to Decision No. 908 of the Prime Minister, before November 30, the Ministry of Construction must complete the divestment of state capital in 4 enterprises, including: Song Hong Corporation; Hanoi Construction Corporation (HanCorp); Construction Corporation No. 1 (CC1) and IDICO Corporation.

If past the deadline, the Ministry of Construction has not completed the divestment of state capital in the four enterprises mentioned above, then these enterprises will have to transfer to the State Capital Investment Corporation (SCIC) before the 31st. 12/2020.

As part of this roadmap, on November 27, the Ministry of Construction continues to publicly auction 108 million IDICO shares, equivalent to 36% of capital. The starting price is 26,930 VND / share, equivalent to the minimum accrued amount of over 2,900 billion VND, if the deal goes as expected.

The results are not difficult to see when recently, according to HoSE, 9 investors registered to participate in the auction of the Ministry of Construction. In particular, the total registered buying volume of these 9 investors reached over 126 million shares, 17% higher than the amount offered for sale.

In which, 8 individual investors registered to collect 93.6 million shares of IDC, the rest was an institutional investor who wanted to buy 32.4 million shares.

Source: vietnamfinance.vn – Translated by fintel.vn