According to Nguyen Duc Chi, Chairman of the Board of SCIC said that if the stock market is favorable, SCIC will earn VND6,500-7,000 billion by selling these shares.
Earlier in 2016, SCIC planned to sell 9 per cent of its stake at Vinamilk; however, only 5.4 per cent (equivalent to 78.38 million of shares) of stake was successfully transacted. With an average price of VND 144,000 per share, SCIC received VND11,286 billion (roughly US$496 million). 48.33 million of shares in this transaction belong to 3.6 per cent of stake that SCIC was not sold out in 2016.
Chi explained that only 3.33 per cent of charter capital at Vinamilk offered for sale is to ensure that SCIC holds 36 per cent of stake at Vinamilk. This means that SCIC is still the major shareholder and entitled to absolute veto at Vinamilk.
Chi said that the transaction will be conducted in next October and the sooner the better because of the current favorable stock market. However, the transaction will be properly and explicitly implemented subject to procedures for investors to find out information.
This transaction is offered to all domestic and foreign investors who are interested and qualified in accordance with the law.
In 2017, the capital divestment at the two leading and biggest State-owned brewers, Sabeco and Habeco is also expected to be finished.