Binh Dinh province to divest from minerals firm
Binh Dinh province in south-central Vietnam will offer state capital at Binh Dinh Minerals Joint Stock Company at a starting price of VND22,300 ($0.91) per share.

Binh Dinh Minerals JSC in the eponymous south-central Vietnam province is involved in exploitation, processing and trading of various minerals. Photo courtesy of the company.
The Binh Dinh People's Committee has assigned Le Trung Hau, deputy director of the province’s Development Investment Fund, to carry out next divestment steps as planned, ensuring transparency, openness and compliance with legal regulations.
Hau is the representative of state capital at the company, which is listed on the Ho Chi Minh Stock Exchange (HoSE) as BMC.
BMC is headquartered on Ha Huy Tap street, Quy Nhon town, with Tran Ho Toai Nguyen as general director.
The company was established in 1985 as Binh Dinh Minerals Company and became a joint stock company in 2001. Its business activities include exploitation, processing and trading of various minerals.
It has a charter capital of approximately VND124 billion ($5.05 million), equivalent to nearly 12.4 million shares (with a face value of VND10,000 or $0.41 per share). The provincial Development Investment Fund and the provincial Party Committee Office are the two major shareholders.
Earlier this year, the provincial administration approved a divestment plan for BMC, assigning the task to the Development Investment Fund.
The province currently holds over 3 million BMC shares worth more than VND30.9 billion, representing 25% of the company's charter capital. These shares will be sold through order matching or throughput on the HoSE.
According to BMC's financial statement, the company earned net revenues of over VND47.6 billion ($1.9 million) in the second quarter of this year, up 7.6% year-on-year.
Its pre-tax and post-tax profits of VND8.3 billion and VND6.7 billion ($272,800) marked year-on-year increases of 3.7% and 4.6%, respectively.
In H1/2024, BMC's net revenues rose more than 28.5% year-on-year to VND88.3 billion ($3.6 million). Pre-tax and post-tax profits rose 25.4% and 26.3% to VND14.3 billion and VND11.5 billion ($468,241), respectively.
For this year, BMC has targeted revenues of VND180 billion ($7.33 million), the same as 2023; and after-tax profits of nearly VND17 billion ($692,041), down nearly 30% year-on-year.
At the end of H1/2024, BMC had achieved 67.6% of its profit target.
As of June 30, total assets of BMC amounted to over VND248.1 billion, slightly down from the beginning of the year.
Notably, cash and cash equivalents reduced by 8.9% from the beginning of the year to VND41.6 billion ($10.1 million), with cash on hand of more than VND480 million and bank deposits of over VND41.1 billion.
The company's inventory was worth over VND89.3 billion ($3.64 million), up 15.8% from the beginning of the year, with finished goods accounting for nearly VND70 billion.
At end-Q2/2024, BMC's payables were valued at more than VND25.3 billion ($1.03 million), an increase of nearly 13% compared to January. Notably, payables to employees amounted to over VND11 billion, only a slight increase from the beginning of the year but forming a significant portion of short-term liabilities.
On the stock market, BMC hit its ceiling price of VND20,850 ($0.85) per share at Wednesday’s close.
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