State stake at Vinamotor turns attractive

Source: Pano feed

Lan Nhi and Quoc Hung

TMT Automobile Company and Sacom Investment and Development Corporation (Sacom) have proposed acquiring the stake at the corporation immediately after the Government allowed the Ministry of Transport to withdraw the State capital totaling some VND855 billion (US$40 million) from Vinamotor.

At a general meeting on February 27, TMT announced a plan to issue bonds worth VND1.5 trillion to raise funds for expansion and purchase the State stake at Vinamotor. TMT, which gained after-tax profit of VND62.5 billion last year, is active in the auto industry and is now 20% owned by Vinamotor.

Meanwhile, Sacom chairman Do Van Trac told the Daily that the company would join the auction for the State stake at Vinamotor if it is organized. However, he declined to elaborate on the company’s stake acquisition scheme.

Another firm in the local automobile industry has written to the transport ministry asking for permission to buy the stake. Some investment funds are also keen to buy into Vinamotor.

Saigon-Hanoi Securities Company, the consultant for the transport ministry, is expected to complete the scheme on State divestment at the State-owned enterprise next month and will submit it to the ministry for consideration.

Đăng ký: VietNam News