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Government to sell off stakes in 2 companies

The Government has approved a State Capital Investment Corporation (SCIC) proposal to divest its stakes in two companies.

SCIC holds shares of the Southern Waterborne Transport Corporation (Sowatco) and Mechanization Electrification Construction Corporation Joint Stock Company (AGRIMECO) on behalf of the Government.

The two companies were respectively equitised in 2008 and 2013, and the Government now owns 66.58 per cent of Sowatco and 29 per cent of AGRIMECO.

Sowatco, founded in 1975, is run by the Ministry of Transport and has a chartered capital of VND671 billion (US$30.5 million). It has interests in waterway transport, cargo handling, engineering and shipbuilding, design consultancy, and construction.

AGRIMECO, founded in 1996, belongs to the Ministry of Agriculture and Rural Development and as a charter capital of VND215 billion ($9.7 million).

It manufactures pumps, hydraulic and processing equipment, hydro mechanical products, and farm machinery and carries out various projects related to hydropower, irrigation, dykes, and dams.

Last month the Government gave the green light for batch divestment in four enterprises - Vietnam Railways, Vietnam Motors Industry Corporation Joint Stock Company, Civil Engineering Construction Corporation No 5 Joint Stock Company (Cienco 5), and Cienco 6, all run by the Ministry of Transport.

Source: VNS