Vinacomin earns $71ml from divestment

Vinacomin earns $71ml from divestment - 

According to the Viet Nam National Coal and Mineral Industries Holding Corporation (Vinacomin), they have gained VND1.5 trillion (US$71.4 million) from the completion of its divestment of five companies in its non-core businesses.

Figures from Vinacomin, which has a total of nine companies in its non-core businesses, also showed that it completed the withdrawal of investment from SHB Insurance Company, along with SHB Bank, Aviation Insurance Company, SHS Securities Company and Vinacomin Finance Company.

Before divesting capital from SHB, Vinacomin owned 36.3 million shares or 4.09 per cent of the bank's charter capital. Its divestment from the companies in the fields of finance, banking and insurance were completed before deadline.

Vinacomin official said the company also equitised three of its eight units, including Materials, Transport and Loading Company, Thai Nguyen Non-Ferrous Metals Company and Technology Development and Mining Equipment Company.

It also finished clarifying the business value of four units, including Electricity Corporation, Minerals Corporation, Viet Bac Mining Industries Corporation and Shipbuilding Mechanics Company.

Vinacom officials also revealed that the company has dissolved nine subsidiaries in coal production and converted them into branches.

It has also completed independent audit reports and related documentation for submission to the court on the dissolution of Ninh River Shipbuilding Company. However, complicated procedures have slowed down the dissolution process, company officials said.

The officials added that Vinacomin would be completing the equitisation of all of its businesses by 2015 while ensuring the protection of State-owned capital.

In the first seven months of 2014, Vinacomin's turnover reached VND60.3 trillion ($2.87 billion), an increase of 13 per cent year-on-year. According to officials, the company also met 57 per cent of its targets for the entire year.

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