01:14 (GMT +7) - Wednesday 13/12/2017

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PM approves Becamex's equitization plan

Released at: 10:27, 16/06/2017

PM approves Becamex's equitization plan

Photo: Becamex

State holding unchanged, with additional shares issued to boost charter capital.

by Ngoc Chi

Prime Minister Nguyen Xuan Phuc has approved the equitization plan put forward by the Investment and Industrial Development Corporation (Becamex IDC Corp.), under which State capital remains at current levels and additional shares will be issued to increase capital.

Becamex has charter capital of over VND13.1 trillion ($56.4 million), equivalent to 1.317 million shares, of which the State holds 671.67 million, or 51 per cent.

There will be 4,936,700 preferred shares sold to employees, representing 0.37 per cent, 311,207,100, or 23.63 per cent, sold at auction, and 329,250,000 shares, or 25 per cent, sold to strategic investors.

The par value is VND10,000 ($0.4).

The Prime Minister authorized the Chairman of the Binh Duong Provincial People’s Committee to determine the starting price for the first sale of shares and adjust its charter capital structure is shares are not sold under the plan. 

The Chairman is also responsible for selecting strategic shareholders in accordance with existing laws. Strategic shareholders must commit to having a long-term commitment with Becamex.

Established in 1976, Becamex and its subsidiaries have developed six IPs covering a total area of about 13,000 ha in southern Binh Duong province, one 4,500 ha IP in nearby Binh Phuoc province, and two IPs in the north - the 700-ha VSIP Bac Ninh and the 1,600-ha VSIP Hai Phong.

Becamex now has 28 subsidiaries and joint ventures in securities, banking and finance, insurance, construction, trading, real estate, services, telecommunications and information technology, concrete, construction materials, mining, pharmaceuticals, healthcare, and education.

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