Efforts
by State-owned groups and corporations to withdraw from non-core
businesses may be given a boost if the Prime Minister approves a
proposal by the State Capital Investment Corporation (SCIC) to acquire
such stakes.
An SCIC executive said the firm as a financial investment arm of the
Government is seeking the nod from the Prime Minister to buy those
stakes in line with its business scopes.
SCIC is tasked with managing State capital at State-turned-shareholding
enterprises, but the firm is also allowed to make financial
investments. The firm has invested a total of nearly VND9.3 trillion in
the economy via many forms, including buying stocks and bonds issued by
entities, contributing capital to set up new firms, or increasing
capital at businesses as a State shareholder.
Sources from SCIC said that the corporation has joined forces with
Vietnam Electricity Group (EVN) to carry out power projects Vinh
Son-Song Hinh, Thac Ba, Haiphong and Quang Ninh.
SCIC now is working with foreign and local investors to deploy key
projects such as developing buildings of the Ministry of Foreign Affairs
overseas and a number of important seaports and roads.
As per SCIC’s recent report on 2012 business performance, the market
value of the firm’s investment portfolios amounted to an estimated VND50
trillion as of December 31 compared to its book value at about VND14
trillion only.
The report shows that SCIC in 2012 beat all its business targets, recording high growth against the preceding year.
For instance, SCIC obtained a pre-tax profit of more than VND4.5
trillion last year, rising 34% year-on-year, while its after-tax profit
was nearly VND3.9 trillion, up 30%.
The firm paid over VND600 billion to the State budget, jumping 83% from
the previous year, while its return on equity averaged out at 22%.
Speaking with the Daily, Le Song Lai, deputy general director of SCIC,
said that his firm has sold State stakes in nearly 600 enterprises so
far, collecting over VND3.3 trillion for the Government.
“The transferred value is twice the book value, showing that SCIC not
only secured State capital but also earned a high margin,” Lai said.
The increased capital would allow SCIC to boost its investment in key
sectors and large or important projects or make flexible investments to
enrich State capital, he noted.
Now that many State groups have been asked by the Government to divest
its capital from non-core businesses between now and 2015, opportunities
abound for SCIC.
SCIC last week put into operation its first subsidiary SCIC Investment
One Member Limited Co. (SIC) that specializes in financial investment,
project investment and investment consulting services.
SIC has total chartered capital of VND1 trillion which will be
replenished during its operational process in three years, with a
maximum recapitalization sum of VND500 billion for the first year.
SGT