Refrigeration Electrical Engineering Corporation (REE) and Ecology Developmentand Investment JSC, a subsidiary of Vingroup, have been named as qualified investors that will participate in the auction of a 51 per cent stake in Vinaconex Water Supply JSC (Viwasupco), which is owned by Vietnam Construction and Import - Export Corporation (Vinaconex).
Established since 1977, REE today is a publicly-traded diversified business group operating in mechanical and electrical engineering services (M&E); manufacturing, real estate development; and utilities infrastructures, among other sectors.
REE has invested in Thu Duc BOO water plant, Saigon Clean Water Business and Investment JSC, Tan Hiep Water Investment JSC, etc.
Meanwhile, Ecology Development and Investment JSC, a subsidiary of Vingroup, holds a 43.6 per cent stake of Viwasupco after acquiring it from Singapore-based Acuatico Pte. Ltd. last year.
Viwasupco’s share, which is trading on the Unlisted Public Company Market (UPCom), is priced at around VND40,000 (US$1.76). The offer price of Vinaconex’s 25.5 million shares is VND39,904 each (roughly US$1.76). The investor will have to spend about VND1 trillion (US$44.09 million) on purchasing the whole offered shares.
Viwasupco was established in 2009 as the management unit of Phase I of Da River Clean Water Pipeline Project in Hanoi. The company is also implementing the Phase II with a total investment of nearly VND5 trillion (US$220.46 million).
With a charter capital of VND500 billion (US$22.46 million), the company obtained profits of VND161 billion (US$7.1 million) and VND122 billion (US$5.38 million) last year and in the first nine months of 2017, respectively.
One of Viwasupco's investor selection criteria is that the investor must undertake to support Viwasupco’s implementation of Phase II.
The sale of Viwasupco shares is part of the State’s divestment policy. The State Capital Investment Corporation (SCIC), Vinaconex’s largest shareholder, is also making a divestment at Vinaconex.
On December 8, SCIC will conduct the auction of Vinaconex’s 96 million shares (equivalent to 21 per cent of stake) at the starting price of VND25,600 (US$1.13). After selling these shares, SCIC still holds a 36 per cent stake in Vinaconex.
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