Hanoi to fully divest Vinawind
Vietnam decided to offload 46.9%, equivalent of 6.7 million shares, in Thong Nhat Electromechanical (Vinawind) in an auction scheduled for March 30, according to the Hanoi Stock Exchange`s announcement.
At the starting price of VND42,400 (US$1.8) per share, Vinawind targets raising at least VND284.3 billion (US$12.5 million).
Vinawind is known for its brand of ceiling fan.
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In 2017, Vinawind's revenue exceeded VND938 billion (US$41.2 million) and increased by 3% compared to 2016, while after-tax profit was VND67 billion (US$2.94 million), according to the company's financial report.
The company's total asset value was reported at VND523 billion (US$23 million) in 2017, increasing by VND100 billion (US$4.4 million) over the beginning of the year. Meanwhile, Vinawind's payable debts reached VND305 billion (US$13.4 million), including short-term debts of VND250 billion (US$11 million), an increase of VND105 billion (US$4.6 million) compared to the beginning of the year. Long-term debts were at VND1 billion (US$44,000), decreasing VND5 billion (US$220,000) over the year.
Vinawind targets VND998 billion (US$44 million) in revenue in 2018, with after-tax profit of VND67.32 billion (US$3 million), the report stated.
The company, which is known for its brand of ceiling fan, plans to expand its markets and set up a marketing strategy for its fans and ventilators in 2018.
The State earlier decided to sell its entire 34.51% stake in Hanoi Trade Corporation (Hapro) in an initial public offering (IPO) scheduled for March 30. It will also offload 45.25%, equivalent to 2.26 million shares, in Vietnam Textile Research Institute (VTRI) at its IPO scheduled for March 12.
Notably, these three companies own great land plots and properties at prime locations in Hanoi and Ho Chi Minh, drawing avid attention from investors.
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