Construction giant Vinaconex to acquire 98% stake in state-controlled Viwaseen
Vietnam’s leading construction firm Vinaconex (HoSE: VCG) has approved a plan to acquire 98.16% of Viwaseen Corporation in a deal expected to cost around VND1.23 trillion ($46.69 million).
In a resolution issued on December 5, Vinaconex said it plans to purchase over 56.949 million shares of Viwaseen (UpCoM: VIW), and authorized its CEO to execute the transaction and complete related legal procedures.
Viwaseen Tower in Hanoi. Photo courtesy of Tuoi Tre (Youth) newspaper.
The move follows an earlier announcement by state investment arm SCIC, which plans to auction the entire VIW stake on October 20 at a starting price of VND21,620 ($0.82) per share. VIW shares closed Tuesday at VND20,900 ($0.79) each.
Founded in 1975 as a state-owned entity, Viwaseen operates in construction, water supply infrastructure, and real estate. Viwaseen earned VND1 billion ($37,930) in net profit on revenue of VND948 billion ($35.96 million) in 2020, and only returned to stable profitability of VND14-15 billion ($531,010-568,940) annually in the past two years after a loss in 2022.
Notably, Viwaseen also owns a host of “golden land” lots in major cities, including seven prime land plots in Hanoi and the neighboring city of Hai Phong.
In Hanoi, these include a 10,270 sqm site in Thanh Tri district, an 8,209 sqm parcel in Dai Mo ward, and a 12,556 sqm plot in Khuong Dinh ward. A standout asset is a 1,282 sqm “golden lot” in downtown Hanoi. In Hai Phong, Viwaseen owns the 1.9-hectare Vong Hai residential area and several industrial land plots in the Dinh Vu zone.
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