VN Dealbook: CII, SASCO, Becamex IDC, Thalexim

Visual from SASCO website

The first quarter of 2015 is about to end, and Vietnam is moving forward with its state-owned enterprise equitisation, which will see two corporations from the southern Binh Duong province auction shares. Meanwhile, the Southern Airport Services JSC, which was equitised last year, has planned to list on the stock exchange within the next nine months of 2015. In the construction sector, the Ho Chi Minh City-based firm CII has raised its holding in Nam Bay Bay Investment Corporation.

CII ups stake in peer NBB

 

Ho Chi Minh Infrastructure Investment (CII) has announced that it will buy another batch of 620,000 shares of the construction company Nam Bay Bay Investment (NBB), increasing its stake from the existing 13.9 per cent to 15.06 per cent. The deal follows CII’s purchase of 1.31 per cent in NBB last month.

NBB reported a stable profit growth in recent years. Last year, the company’s profit reached VND34.6 billion ($1.6 million), increasing 36.7 per cent year-on-year. However, while revenue in the fourth quarter of 2014 rose strongly, profit plummeted by 100 per cent to VND34.8 million ($1,600). As explained by the company, it recorded a loss from divesting 50 per cent in Da Den Hydropower Investment JSC.

Meanwhile, CII estimates that its net profit for 2014 will be at VND380 billion ($17.8 million), jumping more than 340 per cent over 2013 and exceeding 63 per cent of the year’s target.

Provincial committee to equitise two corporations

 

The southern city of Binh Duong, Vietnam, plans to equitise two state-owned companies this year – the Becamex IDC Corporation and the Thanh Le General Import-Export Trading Corporation (Thalexim).

Accordingly, the state capital will account for 75 per cent of the total charter capital after the initial public offer (IPO) in both companies. A steering committee has been established to build the equitisation schedule as well as to arrive at the corporate valuation of the two firms, said vice chairman of the province’s People’s Committee, Tran Thanh Liem.

Since its establishment in 1976, Becamex IDC Corp has invested mainly in construction of industrial zones, resident areas and urban traffic infrastructure. The $397.56 million corporation is holding a 35 per cent stake in the Becamex Tokyu Co Ltd, a joint venture with Japanese major private railway operator and land developer Tokyu Corporation.

Launched later in 1992, Thalexim’s lines of business include petroleum, real estate and shipping. The VND601 billion ($28.2 million) company is one of both the 500 largest enterprises (VNR500) and the 500 fastest growing companies (FAST 500) in Vietnam last year.

SASCO will list shares in 2015

 

Vietnam based Southern Airport services Join Stock Company (SASCO) intends to list on the Ho Chi Minh City Stock Exchange this year, the local English-language media bizhub.vn reported.

SASCO, which held an IPO last September at the exchange for an average price of VND19,330 and has a charter capital of VND1.3 trillion ($61 million), is now wrapping up procedures for listing on UPCoM, in the second quarter.

The Government owns 51 per cent of the company, leaving the rest to strategic partners (almost 24 per cent), the public and the employees.

The company’s interests include duty-free shops, foreign currency exchange, transportation and others.

This year it expects to earn a profit from operations of almost VND165 billion, rising to VND176 billion in 2016. Last year’s earnings were VND86 billion.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.