Connect with us

Business

SCIC to sell entire stake in cooking oil giant Vocarimex

Published

on

A customer buys Neptune cooking oil at Co.opMart Đinh Tiên Hoàng in HCM City. Vocarimex holds 24 per cent capital in Cái Lân Vegetable Oil Co Ltd, the owner of well-known brands such as Neptune. — VNA/ Photo Kim Phương

HÀ NỘI — The State Capital Investment Corporation (SCIC) has announced it will sell its 36.3 per cent stake, or 44.2 million shares, in the Việt Nam Vegetable Oils Industry Corporation (VOC).

Interested investors must register to buy the whole lot, according to the Hà Nội Stock Exchange.

The initial price of each VOC share will be VNĐ22,690 (US$0.97), which means SCIC could expect to receive a minimum of VNĐ1 trillion ($43 million) after the divestment.

The auction will be held at 2:30pm on November 4 at the Hà Nội Stock Exchange. 

VOC, or Vocarimex, was founded in 1976. The firm was equitised in 2011 and transformed into a joint stock company in 2014 with initial charter capital of VNĐ1.2 trillion. It began trading on the UPCoM in 2016.

Vocarimex is one of the giants in the cooking oil industry as it owns edible oil brands such as Voca, Soby, Ruby, Sun Go and holds 24 per cent capital in Cái Lân Vegetable Oil Co Ltd, the owner of well-known brands such as Neptune, Simply, Meizan and Cái Lân.

Vocarimex is also a major shareholder of Tường An Vegetable Oil Joint Stock Company, holding 26.5 per cent capital, Kido Nhà Bè Cooking Oil Co Ltd, holding 49 per cent capital, LG Cosmetics Co Ltd with 40 per cent capital and Vegetable Oil Packaging Joint Stock Company with 51 per cent capital.

Vocarimex reported VNĐ110 billion after-tax profit in the first six months of 2020, up from VNĐ99 billion profit in the same period in 2019. January-June revenue was VNĐ1.37 trillion, up from VNĐ1.3 trillion from a year ago.

Việt Nam’s leading food company Kido Corporation is Vocarimex’s biggest shareholder, holding a 51 per cent stake or nearly 62.12 million shares. SCIC’s 36.3 per cent stake, or 44.21 million shares, makes it the second largest shareholder.

SCIC is a government agency set up to restructure State-owned enterprises to make them more efficient and to enable the state to consolidate capital in key sectors.

In August 2019, SCIC conducted a divestment auction in Vocarimex with a starting price of VNĐ22,300 per share, but it was unsuccessful as there were no investors participating.

The market price at that time was only VNĐ15,600 per share, equivalent to 70 per cent of the starting price. Observers said that in the context of the lack of prosperity in Vocarimex’s business picture, the starting price of SCIC did not attract the attention of investors. —

Source: https://vietnamnews.vn/economy/793468/scic-to-sell-entire-stake-in-cooking-oil-giant-vocarimex.html

Advertisement

Business

TTC Sugar to issue $30 million of unsecured bonds

Published

on

TTC Sugar will sell VNĐ700 billion (US$ 3 million) of unsecured bonds to the public next quarter. — Photo courtesy of the firm

HÀ NÔI — TTC Sugar has announced it will offer VNĐ700 billion (US$30 million) worth of unsecured bonds up for public auction.

The firm said the interest rate of the bonds in the first year would be 10 per cent in the first four quarters then a floating interest rate after that.

The firm expects to release the bonds in the first quarter next year with the minimum order for individual investors VNĐ20 billion and institutional investors VNĐ250 billion.

It said the non-convertible bonds were not guaranteed by assets in the maximum term of three years and were issued to pay for sugar purchase contracts in the first quarter of 2021

Sugar purchase contracts included those with Thành Thành Công Gia Lai company worth VNĐ288.4 billion, Biên Hòa – Ninh Hòa Sugar Company worth VNĐ205.8 billion and Biên Hòa Đồng Nai TTC Sugar Company worth VNĐ205.8 billion.

As of September 30, TTC Sugar had total capital of more than VNĐ18.4 trillion, total financial debt of VNĐ8.6 trillion, in which bond loans reached nearly VNĐ1.3 trillion. In addition, the firm has nearly VNĐ153 billion of convertible bonds.

The shares of TTC Sugar with the sticker SBT gained 2.5 per cent to reach VNDD18,500 on the HCM City Stock Exchange (HoSE) yesterday —

Source: https://vietnamnews.vn/economy/816937/ttc-sugar-to-issue-30-million-of-unsecured-bonds.html

Continue Reading

Business

VN-Index back in the green after single red session

Published

on

VN-Index back in the green after single red session

An investor looks at stock prices on a screen at a brokerage in Ho Chi Minh City. Photo by VnExpress/Quynh Tran.


The VN-Index shrugged off a single-session loss, gaining 0.58 percent to close at 1,008.87 points Tuesday, with gains driven by large cap stocks

The Ho Chi Minh Stock Exchange (HoSE), on which the VN-Index is based, saw a fairly balanced session with 221 stocks gaining and 199 losing. Out of these, 15 stocks hit their ceiling prices, the highest they could go in a trading session.

Total trading volume rose marginally over the previous session, to VND11.68 trillion ($504.2 million), of which half went towards the VN30, a basket of the market’s largest capped stocks.

The VN30-Index for this basket surged 1.08 percent, significantly outperforming the general market, with 18 gaining tickers and seven losing.

Topping gains were stocks in the private banking sector. STB of Sacombank soared 5.5 percent, VPB of VPBank 4.1 percent, TCB of Techcombank 1.7 perent, HDB of HDBank 1.4 percent, while EIB of Eximbank shed 0.3 percent.

Results in the public banking sector, however, were mixed. MBB of mid-sized Military Bank rose 2.5 percent, while of Vietnam’s three biggest lenders by assets, CTG of VietinBank was up 1.2 percent, BID of BIDV kept its opening price, while VCB of Vietcombank was the worst performer on the VN30, down 1.1 percent.

Other major gainers this session included TCH of truck dealer Hoang Huy Group, up 5.4 percent, SBT of agricultural exporter TTC-Sugar, up 2.5 percent, VNM of dairy giant Vinamilk, with 1.4 percent, and MSN of food conglomerate Masan Group, with 1.2 percent.

VIC of private conglomerate Vingroup, HoSE’s biggest cap, rose 1.1 percent, while VHM of its real estate arm Vinhomes was up 0.8 percent, and VRE of retail arm Vincom Retail added 0.2 percent.

In oil and gas, GAS of energy giant PetroVietnam Gas and POW of electricity generator PetroVietnam Power both kept their opening prices, while PLX of gasoline distributor Petrolimex shed 0.4 percent.

In the other direction, the biggest losers included ROS of construction firm FLC Faros, down 0.9 percent, KDH of real estate developer Khang Dien House, down 0.7 percent, and FPT of IT services firm FPT, with 0.4 percent.

The HNX-Index for the Hanoi Stock Exchange, home to mid- and small-caps, climbed 0.83 percent, but the UPCoM-Index for the Unlisted Companies Market jumped 1.36 percent.

Foreign investors continued to be net buyers to the tune of nearly VND420 billion on all three bourses, with buying pressure mostly on VNM of Vinamilk, and the FUEVFVND, an exchange-traded fund replicating the performance of stocks on the VN Diamond Index, a bag of 14 stocks, most of which are blue chips.

Source: https://e.vnexpress.net/news/business/economy/vn-index-back-in-the-green-after-single-red-session-4199351.html

Continue Reading

Business

Golden Brand Awards launched in HCMC

Published

on

The launch ceremony of the HCMC Golden Brand Awards held at the headquarters of The Saigon Times Group on December 1 – PHOTO: THANH HOA

HCMC – The HCMC Department of Industry and Trade and The Saigon Times Group jointly launched the HCMC Golden Brand Awards this morning, December 1, aimed at honoring businesses in the city for their efforts in building their brands.

Addressing the launch ceremony, Bui Ta Hoang Vu, director of the HCMC Department of Industry and Trade, said HCMC is the country’s economic hub where many businesses have been established and running.

The HCMC Golden Brand Awards is expected to help raise the awareness of businesses operating in the city over the importance of building their brands and encourage them to accelerate innovation, creativity and development, thus helping them improve their competitive capacity in local and international markets.

The organizers will give priority to businesses active in four key industries and nine major services of the city. Selection will be based on their efficiency in building their brands, innovation, creativity, the quality and safety of their products and their corporate social responsibility.

“The success of an enterprise relies not only on the popularity of its brand but also on its efficient business model. The assessment over the health of a brand is no longer based mainly on communication or marketing strategies but on the brand platform, which is the foundation that helps businesses develop sustainably and maintain their competitiveness in the long term,” said Tran Minh Hung, editor-in-chief of The Saigon Times Group.

According to Nguyen Dong Phuong, deputy director of the HCMC Department of Industry and Trade, businesses eligible for the awards are those that comply with all the prevailing regulations on production and trade. They must be based in HCMC and must not commit copyright infringement or trade fraud. Their brand should have been developed for at least two years.

The jury will comprise experts in building brands. The award winners will be announced in January 2021.

Registrations can be submitted to The Saigon Times Group, 35 Nam Ky Khoi Nghia Street, Nguyen Thai Binh Ward, District 1, HCMC, or the HCMC Department of Industry and Trade, 136 Hai Ba Trung Street, Ward 6, District 3, HCMC.

The registration form can be downloaded from http://thuonghieuvang.thesaigontimes.vn.

Source: https://english.thesaigontimes.vn/79616/golden-brand-awards-launched-in-hcmc.html

Continue Reading

Trending