Tech giant FPT, Tien Phong Plastic on State Capital Investment Corp.'s divestment list

Tech giant FPT and Tien Phong Plastic JSC are among 31 enterprises that State Capital Investment Corp. (SCIC) is planning to divest from in the second half of 2024.

Other names include Ha Giang Mineral Exploitation and Mechanics JSC (HGM), Vietnam National Construction Consultants Corporation (VGV), and An Giang Fisheries Import-Export JSC (AGF).

SCIC now owns 5.8% of FPT’s charter capital, equivalent to 63.5 million shares. On the Ho Chi Minh Stock Exchange (HoSE), FPT has made strong gains recently and is trading at a historic peak of VND134,500 ($5.28) per share, a jump of 23% in just a month. At this price, SCIC can earn more than VND8.5 trillion ($333.9 million) from its divestment.

SCIC also holds 37.1% of Tien Phong Plastic's (HoSE: NTP) charter capital, or 48 million shares. Tien Phong Plastic and Binh Minh Plastic (HoSE: BMP) are two large plastic enterprises listed on the HoSE.

While Binh Minh Plastic has fallen into Thai hands, Tien Phong Plastic has hit the radar of Japan's Sekisui Chemical Co., Ltd.

In the last month, NTP has risen from VND38,500 to VND42,800 ($1.68) per share. Accordingly, the market price of NTP shares owned by SCIC is VND2,054 billion ($80.7 million).

In March, the corporation also announced a first-phase divestment list with 27 names, including Domesco Medical Import Export Joint Stock Corporation (DMC), Vinacontrol - the first conformity assessment organization established in Vietnam (VNC), Vietnam Books JSC (VNB), and seafood producer Seaprodex (SEA). Among them, SCIC has successfully divested from Vinacontrol and is selling its stake in Vietnam Books.

This year, the corporation is targeting respective revenue and after-tax figures of VND8,886 billion ($349 million) and VND6,511 billion ($255.8 million).

In 2023, SCIC recorded VND5,266 billion ($206.9 million) in after-tax profit, an increase of 88% from 2022, mainly from dividends, distributed profits, and deposit interest and bond investments. Meanwhile, divestment activities only brought in VND116 billion ($4.56 million), down 92% year-on-year.