SCIC retained capital in FPT Telecom
Under the restructuring scheme, the State Capital Investment Corporation (SCIC) will make long-term investments in four businesses bringing huge dividends, including FPT Telecom, as well as divest from other 376 firms.
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06/12/2013
The Prime Minister approved and signed the SCIC restructuring plan until 2015, which came into force on December 2nd. Accordingly, SCIC will make long-term investments in four businesses, including FPT Telecom Company, Vietnam Dairy Products Joint Stock Company (Vinamilk), Hau Giang Pharmaceutical Joint-Stock Company and Vietnam National Reinsurance Corporation.
These firms are now bringing SCIC huge dividends worth thousands of billions of VND every year. With its 45% ownership stake (over 375 million shares) in Vinamilk, SCIC has gained more than VND 1,400 billion in dividend after 9 months. Hau Giang Pharmaceutical Company has also paid nearly VND 100 billion for SCIC with more than 28.3 million shares. In FPT Telecom and Vietnam National Reinsurance Corporation, SCIC owns 50.2 % and 40 % of capital in turn.
SCIC will divest from 376 enterprises, including FPT Corporation, Vietnam Construction and Import - Export Joint Stock Corporation (Vinaconex), Bao Viet Vietnam Insurance Corporation, Binh Minh Plastic Joint Stock Company, Tien Phong Plastic Joint Stock Company etc.
It is planned that SCIC’s capital investment list will not exceed 100 enterprises by 2015. The restructuring plan and stake sale plans will be annually unveiled by the Corporation in order to keep the above progress.
Under the scheme, SCIC’s charter capital will reach VND 50,000 billion by 2015. The capital increase will be considered by the Ministry of Finance in December 2013. Under the memorandum of association in 2005, SCIC’s initial charter capital was just VND 50 trillion.
In addition to holding 50.2 % stake in FPT Telecom, SCIC is also one of large shareholders of FPT Corp with 6.16% stake.
