Cable firm implements new structures

Sacom becomes a group by 2008, two years earlier than initial targets.
Sacom posted total turnover of VND1.12 trillion ($69 million) in the first ten months of the year, up 17.6% on the year’s plan and pre-tax profit of 147.3 bio VND (9.1 mio US$), hitting the year target of 100 bio VND (6.2mio US$).

The company is preparing a shares issue to mobilize 70.6 bio VND (4.4 mio US$), which is set to be launched early next year.

Sacom is negotiating to sell 85 percent of the shares issued to the Singapore-based Tamasek Group.

The raised capital will help Sacom implement major projects including 350 bio VND (21.7 mio US$) resort in the central highlands Dalat city, and capital contribution of 100 bio (6.2 million US$) to a venture with SCC to manufacture optic cables.

Sacom has recently restructured its five affiliates into four joint stock companies and one joint venture.

These include 200 bio VND (12.4 mio US$)- Saigon Cables Co. (SCC); 50 bio VND (3.1 mio US$)- Sam Phu Plastic Co.; 25 bio VND (1.5 mio US$) Sam Cuong Electricity and Telecommunications Materials Co.; and 25 mio US$-Taihan-Sacom Cables Joint Venture.