Southern waterway firm to equitise in 2008

Thursday, June 19, 2008
The Southern Waterways Corp recently announced that the company's equitisation plan was sent and await for some ministries and departments' approval to submit to the government as soon as possible.

At present, the firm completed basic steps for equitisation and auditing. Accordingly, the company's real value is 880.152 billion dong, of which state-owned capital value is 670.993 billion dong.

As the plan, after the equitisation, the company's chartered capital will be 671 billion dong including 342.21 billion dong hold be the state, accounting for 51% of chartered capital, 4.37 billion dong or 0.65% stake will be sold to the company's employees, two billion dong or 0.29% stake will be sold to the company's labour union, 200 billion dong or 29.8% stake is to be sold to the strategic investors and 122.41 billion dong remain or 18.24% stake will be auctioned to the public.

The firm chose Cube Investment Fund Management Ltd Co to be the company's strategic investor to submit to the prime minister's consideration and decision. If everything goes smoothly, the Southern Waterways Corp's equitisation could be completed within this