How to sell corporate capital?

SOEs’ capital withdrawing: it’s easier said than done (part 1)  August 27, 2012 – 02:16 pm

When the Vietnam Coal and Mineral Industries (Vinacomin) spent money to buy stakes of the Saigon-Hanoi Bank (SHB) and SHB Securities, or contributed capital to set up the insurance joint venture SHB-Vinacomin, it could not imagine that it would have to sell the stakes at a loss one day.

State owned economic groups and general corporations have been requested by the government to withdraw the capital they invested before in other businesses, in order to gather strength on their core business fields.

However, it would be very difficult for them to sell stakes to withdraw capital at this moment, when the stock prices keep decreasing. SHB shares are traded at 8000 dong only, lower than the face value of 10, 000 dong, while SHS at 6000 dong. Therefore, no one would accept to buy the stakes from Vinacomin at the initial prices.

In the past, the State Capital Investment Corporation SCIC, a powerful group belonging to the Ministry of Finance once bought back Bao Viet’s stakes from Vinashin (the Vietnam Shipbuilding Industry Group) at the prices equal to the initial cost prices. However, experts believe that SCIC would not do this once again.

Source: TalkVietnam

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