Song Da Corporation not to sell stake to strategic investors
By Minh An
October 03, 2017 | 04:51 PM GMT+7
Under the newly adjusted plan, Song Da Corporation (Song Da), the largest hydropower construction firm in Vietnam, will not sell its shares to strategic investors in its initial public offering.
Lai Chau hydro-power plant. (Photo: Songda.vn)
Under the Prime Minister's direction on the equitization of Song Da Corporation (Song Da), the State will hold a 51 per cent stake until 2019. This figure will be reduced to under 50 per cent in 2020.
0.81 per cent of charter capital equaling to 822,000 shares will be sold to Song Da’s employees at a preferential price. The remaining 219 million shares will be offered publicly.
Under the previous plan, 30 per cent of Song Da's stakes were expected to be sold to strategic investors and only 18.82 per cent of stakes were planned to be offered publicly.
Song Da Corporation has total assets of VND31,900 billion (roughly US$1.4 billion) and the equity of VND7,828 billion (roughly US$345 million) at the end of 2016. In 2016, the Corporation gained the consolidated revenue of VND9,970 billion (roughly US$439.4 million) and the after-tax profit of VND586 billion (roughly US$25.8 million).
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