The Ministry of Construction will divest capital at IDICO and CC1
admin 21-10-2020, 23:00

All state capital in these two companies will be publicly auctioned at the Ho Chi Minh City Stock Exchange.



The Ministry of Construction will divest capital at IDICO and CC1


IDICO industrial park project. (Photo: IDICO).


On October 20 the Ministry of Construction approved the State divestment plan at IDICO Corporation – Joint Stock Company (IDICO, Code: IDC) and Construction Corporation No. 1 – Joint Stock Company (Code: CC1).


At IDICO, the number of divestment shares is 108 million shares, equivalent to 36% of IDICO’s charter capital with the starting price of VND 26930 /share.


However, if the reference price of IDC shares in 30 consecutive trading sessions before the announcement date is higher than 26930 dong /share, the average 30-day reference price will be used as the starting price.


Regarding the divestment method, the Ministry of Construction allows a public auction at the Ho Chi Minh City Stock Exchange (HOSE).


IDICO Corporation – Joint Stock Company is a state-owned enterprise under the Ministry of Construction, was established in 2000. Currently, IDICO is investing and developing 10 industrial park projects across the country with a total area of 3270 hectares, concentrated mainly in the South.


IDICO was first listed on the Hanoi Stock Exchange (HNX) on December 102019. As of December 312019 IDICO’s charter capital is 3000 billion VND.


For CC1 the Ministry of Construction will divest more than 44.5 million shares, equivalent to 40.5% of CC1’s charter capital.


Similar to IDICO, this number of shares will be publicly auctioned on HOSE with a starting price of 23030 VND /share.


CC1 formerly a state-owned enterprise, was established in 1979 initially named Construction Corporation No. 1 – One Member Limited Liability Company. On November 12016 the enterprise was equitized and renamed to Construction Corporation No. 1 – Joint Stock Company.


The first listed company on July 132017. As of June 302020 CC1’s charter capital is 1100 billion VND.


Source: vietnambiz.vn – Translated by fintel.vn

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