SCIC plans to divest in Sai Son Cement holding

State Capital Investment Corporation (SCIC), the Vietnamese government’s investment arm, plans to sell its entire 3.2 million shares, equal to 16.44 per cent stake of Sai Son Cement JSC (SCJ).

The initial price is set at VND14,300 ($0.67) each, 40.2 per cent higher than its market price of VND10,200/share on Monday, but below SCJ’s book value of VND14,650 as of 30 September.

SCIC has divested from Nghe An Bus Station JSC (NBS), Cuu Long Pharmaceutical JSC (DCL), Dien Quang JSC (DQC), Agrochem JSC (HAI) and Rang Dong Plastic JSC (RDP). The share sales are part of the company’s plan to exit from 376 companies by the end of 2015 to cut its portfolios to 100.