SCIC to sell all shares of Cienco 5
HÀ NỘI — The State Capital Investment Corporation (SCIC) plans to divest from Civil Engineering Construction Corporation No 五 (Cienco 五) on March 二0.
According to the Hà Nội Stock Exchange, SCIC will sell its entire 四0 per cent stake in Cienco 五 – as many as 一 七. 五 六 million shares – at an initial price of no less than VNĐ 一 九, 三00 (US$0. 八) per share. SCIC expects to collect more than VNĐ 三 三 九 billion for the shares.
As of October 二0 一 九, Cienco 五 has 八 四 shareholders including three major shareholders of SCIC, Hải Phát Investment and Hải Phát Capital Investment.
Established in 一 九 九 五 on the basis of organisational restructuring in the transportation industry, the firm went public in 二00 四 with its initial public offering (IPO). At that time, Cienco 五 could only offload 一. 九 million shares in the total registered 一 四. 二 million shares offered at VNĐ 一0,0 二 五 each.
Mainly working in local infrastructure, Cienco 五 has built big projects such as Thanh Hà new urban area, Cửa Đại bridge, Hồ Chí Minh road, Sài Gòn-Trung Lương highway, Trans-Asia road, Cầu Giẽ-Ninh Bình expressway and the Đà Nẵng - Quảng Ngãi Highway.
However, compared to the working experience and big projects it has carried out, the firm’s business results have not been good at all. By the end of 二0 一 八, the firm’s yoy revenue decreased by 四 四 per cent to close at VNĐ 二 七 五 billion. It also lost 六 七 per cent in yoy profit after tax which closed at VNĐ 三0 七 million. — VNS
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