SCIC divests capital from Vinamilk on the basis of respecting the market

(Baonghean.vn) - On the afternoon of November 30, the State Capital Investment Corporation (SCIC) held a press meeting about the public offering of Vinamilk shares.

Mr. Nguyen Duc Chi - Chairman of the SCIC Board of Members said that the reason for this policy instead of selling to large investors in large lots is because SCIC follows the Prime Minister's direction on widely offering to investors. Therefore, dividing into small lots will help many investors buy VNM shares.

Accordingly, on December 12, SCIC will offer 130.6 million VNM shares at a starting price of VND144,000/share. The volume step is 10 shares, the price step is VND100. The minimum purchase quantity is 20,000 shares (enough to qualify for negotiated transactions according to regulations). The maximum number of shares registered for purchase is 39,189,150 shares (ie 2.7% of charter capital). If the sale is successful, SCIC can collect at least VND18,810 billion, equivalent to more than USD840 million.

Conference to disseminate some regulations on divestment, share sale, transaction registration and listing on the stock market in Hanoi organized by the Ministry of Finance in 2016.

Regarding the division of shares for each offering lot of 2.7%, Mr. Nguyen Duc Chi said that each investor will be able to buy a maximum of 39.19 million VNM shares and a minimum of 20,000 shares according to current regulations on the Ho Chi Minh City Stock Exchange. This is an issue that has been discussed very carefully within SCIC and Vinamilk, in the spirit of how to have many investors participate and buy these shares. Therefore, SCIC has organized investment promotion very widely, both in foreign markets and published information in some newspapers specializing in foreign securities. Having many interested investors, not limited to domestic and foreign investors, is creating conditions for investors to grasp information so that the auction is successful as expected.

Regarding the price of 144,000 VND/share, SCIC said that it has reported many times based on the basis of valuation methods for VNM shares, based on the average transaction of the shares in the last 30, 60 and 90 sessions to find a suitable price that meets SCIC's expectations and is suitable for market expectations to include in the auction regulations for investors to participate. This is the expected price, and there are many safety pins to ensure that the assets are offered in the most transparent and safe way.

SCIC is also not afraid of the market fluctuating because when entering the market, it must accept the inherent rules of the market for both buyers and sellers. With confidence in the possibility of success, all issues are considered by SCIC on the principle of respecting and accepting market principles, doing everything thoroughly and methodically and trying to achieve the highest goal - SCIC leaders affirmed.

Regarding the investment promotion results, SCIC said that SCIC organized a sales conference in 3 major financial centers: Singapore, Hong Kong and London. With the form of meeting nearly 100 investors, after that, nearly 20 investors came back to ask and share more information, some investors directly met Vinamilk to conduct further research. It is worth noting that VNM does not have a strategic investor, only a large investor buying, but has not yet received any request from a large investor about whether to buy or not, and they have the right to participate like other investors, even if they participate, they can only buy a maximum of 2.7% - SCIC leaders affirmed.

Red River