Vinaconex plans to sell stake in Cam Pha Cement, Vietnam

Vinaconex plans to sell stake in Cam Pha Cement, Vietnam

Vietnam Construction and Import-Export JSC (Vinaconex), plans to sell a 70 per cent stake in Cam Pha Cement JSC as it continues with its plan to divest in non-core operations.

Vinaconex is seeking shareholders approval to sell the shares to foreign partners at below the par value of VND10,000 each, but not lower than Cam Pha’s book value.

According to local press reports, two companies have expressed an interest in buying shares in Cam Pha Cement. Last year, the company posted a loss of VND1.59trn, excluding a loss of VND213 from forex differences.

Vinaconex plans to focus on core business lines including construction and real estate activities.  (Source: Vietnam News Brief Service).