Wednesday , November 25 2020

Unexpected tender auction of 9,400 billion in Vinaconex – VnEconomy



In the afternoon of November 22, the Vietnamese Construction and Import and Export Company (Vinaconex, Stock Code: VCG) was auctioned by the State Investment Corporation (SCIC) and the Conglomerate. The Military Telecommunications Company (Viettel) was held very exciting on the Hanoi Stock Exchange (HNX).

More specifically, SCIC sold 255 million shares (57.71% of Vinaconex) with a starting price of 21,300 dollars / share, which corresponds to SCIC's capital withdrawal of Ddr 5,430 billion.

Accordingly, three investors have signed up to buy the whole batch at a price of 21,300 dollars / share, respectively 22,300 dollars / share and 28,900 dollars / share respectively.

In this way, the best seller wins the price of the SCIC shares. At this price, investors spent 7,367 billion VND, almost 2,000 billion VND higher than the initial cost of SCIC.

Especially compared to the stock price VCG closed 22/11 session is 18,500, the winning price is higher than 10,400 per share.

Immediately following the auction of the SCC shares held by SCIC, the VCG's VCG shares were held and completed quickly. Therefore, two investors are involved in this tender. The highest investor price paid for the 94 million VCG shares of Viettel 2,002,416,800,000 VND, the lowest price was 2,002,416,728,000 VND. In this way, investors earning the price in this deal just reduced their price to more than 72,000.

The total of 2 sales of Vinaconex reached 9369 billion VND, well above the starting price of VND 7 400 million. The winners are not announced by HNX.

By 2017, SCIC sold 96.2 million shares of Vinaconex – equivalent to 22% of the capital, but failed to sell 1.2%.

As reported by VnEconomy, four investors have registered to acquire SCIC shares in Vinaconex, including Star Invest Investment Limited, Thang Long Infrastructure Investment Joint Stock Company, Quy Hung Limited Company Liability Company, and a person named Nguyen Van Dong. According to auction rules, investors wishing to participate must deposit 10%, equivalent to 543 billion. However, over time, an investor has withdrawn.

Two units registered in Lottel are Thang Long Housing and Urban Development Joint Stock Company and Cuong Vu Real Estate Company Limited are two legal entities registered for purchase. Thang Long Housing and Urban Development Joint Stock Company was established in early 2010 by Mr. Trinh Can Chinh as Director and Legal Representative. Mr. Trinh Can Chinh is the son of the famous capitalist Trinh Van Bo.

Cuong Vu is a "hidden number" from the newly established company at the end of 2017 with a charter capital of only 20 billion. Many sources claim that Vuong Vu is only a representative of a hidden real estate giant wanting to acquire Vinaconex.

Vinaconex is the first state-owned company to be equated in 2006. Vinaconex has registered its shares with HNX in 2008. With the initial charter capital of VND 1,499.8 billion in 2006, the company's leased capital is 4,417, 1 billion VND.

According to information from Vinaconex, the company manages and owns 3.2 million square meters of land including 131,786 square meters of land in nine projects and 3 million square feet of land under construction in seven other projects.

In 2018 Vinaconex aims to increase its total revenue by 9.3% over the previous year. Accordingly, the total revenue of Vinaconex is expected to be 19 440.7 billion Dong, and the profit after tax is 1,335.8 billion Dong. As far as the parent company is concerned, from 2017 a sudden profit from the sale of Vinaconex Clean Water Joint Venture Company (Viwasupco) from VND760 billion. Therefore, if only the pure data are compared, the plan for 2018 is low. than 2017 results.


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