- With total equity at the end of 2012 the Group, TCty State up to the nearly million billion, the State can say is hold hands a great resource which if exercised, will contribute created to boost the economy amid tough nay.Song why that resources continue to be "buried" in the SOE sector?
SCIC holding 45.8% of capital VNM
First, that's not to say the state does not want offshore resources are in hand. As early as 2011, the Prime Minister signed a decision to establish the direction of innovation and enterprise development. One of the tasks of this committee is to help research the Prime Minister, to direct, guide implementation and supervising the implementation of SOE reform, agriculture, SFE.
Every little hard to sell
It's no coincidence the Government established the Steering Committee innovation and enterprise development. After the equitization of SOEs from 2001 to 2010 strong, full equitization way actively slowed down. From 2011, together with the increasing difficulties of the world economy, with economic uncertainty VN, equitization process (CPH) SOEs have not been as expected. The equitization of SOEs stagnate makes a great resource parts of the country estate galaxy, while the economy continues to gradually scarce resources.
But not just want to speed up, bung up CPH, that may be right. Results SOE equitization 3 years showed that the market is not easy to navigate way voluntarism. Dr Duong Duc Chinh - College HN Industrial Economics, said that in previous years, the majority of companies, parts of companies are shares which are small-scale, management level, department level learn the techniques of this company are not high, low competitiveness. The stock offering of shares of common firms more difficult. So, by the end of 2010, our country was not 1,309 SOEs was privatized in 2011 the country was only 60 shares of companies, the first four months of 2012 only 4 shares of the company. ..
Thus, we can say that the main cause is difficult because SOE IPO volumes are available in the market are mainly small businesses, less quality. What is the greatest asset of the economy is stuck in some large SOEs, much of which was submitted to the planning application back then ... 2015 CPH.
Delicious cake is difficult to give
Basically, the large SOEs under the direction of the Prime Minister, has also started the process of CPH. But the implementation of CPH or are just lumbering form of offering them a few tens of percent, even if only a few percent. This eliminates targets that stimulate private capital to participate in the state-owned shares and flattened every private opportunity, the true state market. It can lead to a number of companies still hold the "delicious cake", as in the case of SCIC VNM or PVN at Petro Gas ...
Many dear the story "buried" at SOE state capital.
With his role as the largest in its industry, the companies mentioned examples are good business. VNM is leading the dairy market. Petro Gas is the "boss" of the gas supply nearly all industry verticals PVN and the energy use involved. With Vinamik, nearly 50% firms with foreign capital are the results impressive business: 2012 reported consolidated net sales of VNM reached 26 797 billion, and profit before tax respectively after tax 6,887 billion and 5,786 billion, respectively up 39.6% and 38.9% over the same period. EPS in 2012 reached VND 6,940, an increase of 36.6% over the same period (5,082 VND). So 2012 dividend was vinamilk Board and the Shareholders increased 38%, from an estimated 30% - a lofty dividend. Accordingly, SCIC holds 45.8% of VNM will certainly be subject to benefit most. (This interest rate is almost 6 times higher than the interest rate on bank deposits of less than 12 months). With SCIC VNM, that may be true, the state capital dividend is a pretty good piece of cake left. Therefore understandable why VNM SCIC protest ESOP shares issued, or proposed to continue lifting room, expanding the conversation partner or divest from VNM someday.
Where VN Gas Company (GAS), things look a little different. As one of the companies currently have the largest market capitalization stocks VN, GAS is always on the list of "recommended" buy and hold for many brokers. 2010 GAS IPO and listing of 100% stake, or 1.895 billion shares listed in 2012. According to the decision of the PVN and moved approval of the Gas Company In VN - Company Limited - a joint stock company, public shareholders will hold 75% stake in PV Gas, 14.93% of share capital sold to strategic investors and 10% sold to ordinary investors ... There have been many people question why the 2012 annual report, state shareholders in PVN GAS is still holding to 96.74% stake? This is a large amount equivalent to 118 242 billion if the market price of 7-6 days is 64,500 VND / share, so why the state does not want to sell? To answer the question, should perhaps return to the starting line of GAS IPO. At that time, the GAS has released information giggle listing plans, the market has moved fears of terrorist risk indigestion. The market downturn has also led to postponement GAS IPO and listing a few turns. At that time, Mr. Bui Minh Tien - Deputy Director GAS (now Chairman TCty Chemicals and Fertilizers Petroleum DPM) has shared that GAS can not really "reckless" bring greater proportion IPO. While many investors still wished to buy but a small percentage of GAS will be worth huge sums.
The difficulty of the GAS past, this has not been removed. With a market price of 64,000 VND / share as stated, if GAS continues to sell about 10% stake, is not a small figure. More importantly, for the pillar enterprises in the energy sector related to national security, GAS would need more time to find a companion. Vietinbank took many years to find BTMU, to selling prices and congenial partner, believes that despite very "tasty", GAS - and behind the PVN, is not easily open to the the human for a moment. The remaining problem is in GAS, PVN really want to give the pie delicious, in "baby" her, a stranger, even people that want to take off the cloak stop?
If only the determination and direction, whether the state can eliminate this situation continued capital buried in the little pet? And more than that, a choice between sell out or patiently waiting for an opportunity to sell at a reasonable price, there is no choice but to pay the price?
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