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|Song Da Corporation will auction 220 million shares to decrease state holdings|
Accordingly, Song Da will offer 219.7 million shares at the initial price of VND11,000 ($0.48). After the sale, the corporation expects to acquire VND2.4 trillion ($105.68 million) in proceeds, and increase its chartered capital to VND4.5 trillion ($198.2 million).
Besides, Song Da plans to offer another 135 million shares, equalling 30 per cent of its chartered capital, to strategic investors and sell 822,000 shares (0.18 per cent) to its employees.
After the equitisation, the state will hold 51 per cent of the chartered capital, equalling 229.5 million shares, and then decrease it to under 50 per cent by 2020.
Along with the equitisation plan, Song Da Corporation plans to divest its holdings in numerous hydropower plants.
Earlier on September 18, the corporation completed the divestment of its entire 15.38 million shareholding in Huong Son Hydropower JSC and earned VND200 billion ($8.77 million) in proceeds. Notably, three investors won in the auction, buying in at VND13,500 ($0.57), VND13,819 ($0.61), and VND15,300 ($0.67) per share.
According to the corporation’s 2016 financial report, the corporation earned VND9.97 trillion ($437.4 million) in consolidated net revenue. As of December 2016, Song Da Corporation had a total asset value of VND31.9 trillion ($1.39 billion), with an equity of VND7.83 trillion ($343.5 million).
It had to bear a total debt volume of VND24.1 trillion ($1.06 billion), VND17.7 trillion ($776.5 million) of which is short-term debts.
Established in 1961, Song Da Corporation specialises in developing thermal power plants, roads, industrial factories, and real estate projects, as well as construction materials manufacturing.
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