Vietnam telecommunications cable maker Sacom (SAM) plans to invest 400 billion dong ($24.7 million) in a 20-percent stake in a start-up bank, its chief executive said on Thursday.
Sacom, Military Bank and major construction firm Song Da Urban & Industrial Zone Investment and Development Joint Stock Co (SJS) would each contribute 10 percent to form the bank, Sacom Chief Executive Officer Do Van Trac said.
"The application for a licence is with the central bank and we expect it soon as we have prepared all the details required," Trac told Reuters on the sidelines of a conference in Hanoi.
Other investors in the bank, to be called Kinh Bac Bank, included the Vietnam Motor Industry Corporation (Vinamotor) and Duc Giang Garment Company, he said.
"The bank operation would rely on these investors with their working capital," Trac said.
When licensed, the bank would operate in Bac Ninh province, Haiphong, Hanoi, Ho Chi Minh City, Danang and Can Tho, Trac said.
Ho Chi Minh City-based Sacom had 1.7 trillion dong ($105 million) in surplus cash after a share issue and it was looking to invest the money, Trac said on on-line chat with investors after the conference.
More than 30 partly private banks are operating in Vietnam, where five state-run commercial banks account for 70 percent of lending.
Based in the southern province of Dong Nai, Sacom -- one of Vietnam's first two listed firms -- initially manufactured electrical and telecommunications cables.
But in recent years it has been seeking to branch out into real estate and telecoms services.
Trac said Sacom would invest in a $30 million office building in Ho Chi Minh City and also a resort including a golf course in the Central Highland province of Lam Dong.
He did not provide a forecast of the firm's results this year, but said 70 percent of Sacom's revenues so far had come from VNPT, the country's top telecoms group, while the military-run telecoms firm Viettel contributed 20 percent.
VNPT has a stake of about 31 percent in Sacom.
Many Vietnamese companies have rushed to seek central bank licences to set up commercial banks to cash in on the relatively new but highly lucrative domestic sector, analysts said.
Refrigeration firm REE (REE) also told investors on Thursday it would invest about $10 million in shares in two start-up banks.
Source: Reuters
Showing posts with label SACOM. Show all posts
Showing posts with label SACOM. Show all posts
Thursday, August 30, 2007
Monday, July 16, 2007
Country’s largest cable plant gets to work
The country’s largest cable manufacturing plant began operations in the Long Thanh industrial park in the Mekong delta province of Dong Nai, on July 16.
The 40 million USD facility will produce electric and telecommunication cables along with copper and aluminum rods.
The plant was built by Taihan-Sacom (TSC), a joint venture of the listed firm Cable and Telecommunications Material Company (Sacom) and Korean partner Taihan. SACOM holds a 30 percent of the stake of the JV. Taihan, one of the Republic of Korea’s leading cable producers, owns 70 per cent.
The JV is expected to record an overall turnover of 60 million USD in 2007 and 100 million USD by 2010.
Source: VNA
The 40 million USD facility will produce electric and telecommunication cables along with copper and aluminum rods.
The plant was built by Taihan-Sacom (TSC), a joint venture of the listed firm Cable and Telecommunications Material Company (Sacom) and Korean partner Taihan. SACOM holds a 30 percent of the stake of the JV. Taihan, one of the Republic of Korea’s leading cable producers, owns 70 per cent.
The JV is expected to record an overall turnover of 60 million USD in 2007 and 100 million USD by 2010.
Source: VNA
Tuesday, July 10, 2007
VNPT may form a bank
Vietnam Posts and Telecommunications group (VNPT), the country's largest telecoms firm, will look into converting a subsidiary now offering a savings service into a bank, a government official said.
VNPT needed to assess the value of its Post Savings Service Company so it could contribute funds to form a bank, Deputy Chief Administrator of the Government Office Pham Viet Muon said in a document seen on Tuesday.
Seven state-run banks, including two policy banks, and 34 partly private banks now operate in Vietnam. Apart from domestic banks, branches of 35 foreign banks and six joint venture banks also compete in the Southeast Asian country.
Several Vietnamese firms, including Sacom (SAM) and FPT, have already sought central bank permission to open new commercial banks.
Source: Reuters
VNPT needed to assess the value of its Post Savings Service Company so it could contribute funds to form a bank, Deputy Chief Administrator of the Government Office Pham Viet Muon said in a document seen on Tuesday.
Seven state-run banks, including two policy banks, and 34 partly private banks now operate in Vietnam. Apart from domestic banks, branches of 35 foreign banks and six joint venture banks also compete in the Southeast Asian country.
Several Vietnamese firms, including Sacom (SAM) and FPT, have already sought central bank permission to open new commercial banks.
Source: Reuters
Monday, June 25, 2007
Sacom lands deal to build resort in Vietnam central highlands
The Cables and Telecommunications Material Joint-Stock Company (Sacom) has replaced a Korean firm as contractor for a US$124-million resort complex including a golf course near Da Lat.
The Lam Dong province administration said the resort, 18 km from the central highlands resort town, would have a 36-hole golf course, 250 luxury villas, a five-star hotel, and a leisure area.
It has given Sacom one year to complete investment formalities after which another contractor would be chosen.
The Republic of Korea’s K’Gim company was the original partner in the project but the province scrapped the deal because K’Gim was slow to work on the formalities.
Sacom, based in Dong Nai province near Ho Chi Minh City, was the second firm to list on the country’s stock market when it was manufacturing electrical and telecom cables a few years ago.
Now it has diversified into real estate and telecom services.
Source: Thanh Nien
The Lam Dong province administration said the resort, 18 km from the central highlands resort town, would have a 36-hole golf course, 250 luxury villas, a five-star hotel, and a leisure area.
It has given Sacom one year to complete investment formalities after which another contractor would be chosen.
The Republic of Korea’s K’Gim company was the original partner in the project but the province scrapped the deal because K’Gim was slow to work on the formalities.
Sacom, based in Dong Nai province near Ho Chi Minh City, was the second firm to list on the country’s stock market when it was manufacturing electrical and telecom cables a few years ago.
Now it has diversified into real estate and telecom services.
Source: Thanh Nien
Monday, May 21, 2007
SACOM to issue 17 million shares
The Cable and Telecommunications Materials Co (Sacom) will issue an additional 17 million shares in a move to finance the company’s business diversifications strategy.
Sacom said it would pour capital into a joint venture to produce cable and into construction of a five-star resort and high-rise office buildings, as well as contribute capital to the Cambodia-based PCP Telecom Co and Taihan-Sacom Co.
Shares at a face value of 10,000 VND each would be offered to existing shareholders at 20,000 VND while it expected the shares to fetch at least 150,000 VND when sold to strategic investors.
Sacom has attained growth rate of more than 84% in the past two years. With profits of nearly 204 billion VND (12.75 million USD) last year, the company has paid an average dividend of 16% during this period.
With a charter capital of 374 billiion VND (23.4 million USD), Sacom holds stakes in such companies as the Sai Gon Cable Joint Stock Co, the Sam Thinh Packing Co, the Sam Cuong Telecom and Electronic Materials Co, and the Sam Phu Plastics Co.
According to Sacom statistics, 75% of the company’s products are bought up by the Viet Nam Post and Telecommunications Group (VNPT). The company was expanding its market, however, by providing products to five other telecommunications enterprises in both domestic and regional markets.
Sacom shares traded last Friday at 183,000 VND, down a% from the previous session, at the HCM City Securities Trading Centre.
Source: VNA
Sacom said it would pour capital into a joint venture to produce cable and into construction of a five-star resort and high-rise office buildings, as well as contribute capital to the Cambodia-based PCP Telecom Co and Taihan-Sacom Co.
Shares at a face value of 10,000 VND each would be offered to existing shareholders at 20,000 VND while it expected the shares to fetch at least 150,000 VND when sold to strategic investors.
Sacom has attained growth rate of more than 84% in the past two years. With profits of nearly 204 billion VND (12.75 million USD) last year, the company has paid an average dividend of 16% during this period.
With a charter capital of 374 billiion VND (23.4 million USD), Sacom holds stakes in such companies as the Sai Gon Cable Joint Stock Co, the Sam Thinh Packing Co, the Sam Cuong Telecom and Electronic Materials Co, and the Sam Phu Plastics Co.
According to Sacom statistics, 75% of the company’s products are bought up by the Viet Nam Post and Telecommunications Group (VNPT). The company was expanding its market, however, by providing products to five other telecommunications enterprises in both domestic and regional markets.
Sacom shares traded last Friday at 183,000 VND, down a% from the previous session, at the HCM City Securities Trading Centre.
Source: VNA
Saturday, April 21, 2007
Sacom discusses plans to open bank
Vietnam's Cables and Telecommunication Material Co. (SAM, Sacom) is talking about setting up a bank, a Sacom official said on Friday.
If the central bank approved, the bank would be established in the northern province of Bac Ninh, the eastern neighbour of Hanoi, the official said.
"We had a meeting yesterday with others to talk about the bank establishment," he said, but declined to give further details.
On Friday, the ruling Communist Party-run Nhan Dan newspaper said Sacom was one of the four founders of the Kinh Bac Commercial Bank, which would have a registered capital of 1.5 trillion dong ($93 million).
Sacom, the Vietnam Motor Industry Corporation (Vinamotor), Lilama and Duc Giang Garment Company would account for half the shares in the bank, the report said without giving details of the share allotment.
More than 30 partly private banks are operating in Vietnam, where five state-run commercial banks account for 70% of the market's lending.
Based in the southern province of Dong Nai, Sacom initially manufactured electrical and telecommunications cables.
But in recent years it has been seeking to branch out into real estate and telecoms services.
Last year, Sacom formed a venture with Taihan Electric Wire Co. Ltd to produce power and telecom cables.
Sacom said in March it was seeking to raise funds for a $24.8-million five-star resort in the Central Highland city of Dalat, a $25-million office building in Ho Chi Minh City and to invest in a telecoms joint venture in Cambodia.
On Friday, Sacom shares fell 10,000 dong, or 4.95%, to 192,000 dong ($11.9).
Source: Reuters
If the central bank approved, the bank would be established in the northern province of Bac Ninh, the eastern neighbour of Hanoi, the official said.
"We had a meeting yesterday with others to talk about the bank establishment," he said, but declined to give further details.
On Friday, the ruling Communist Party-run Nhan Dan newspaper said Sacom was one of the four founders of the Kinh Bac Commercial Bank, which would have a registered capital of 1.5 trillion dong ($93 million).
Sacom, the Vietnam Motor Industry Corporation (Vinamotor), Lilama and Duc Giang Garment Company would account for half the shares in the bank, the report said without giving details of the share allotment.
More than 30 partly private banks are operating in Vietnam, where five state-run commercial banks account for 70% of the market's lending.
Based in the southern province of Dong Nai, Sacom initially manufactured electrical and telecommunications cables.
But in recent years it has been seeking to branch out into real estate and telecoms services.
Last year, Sacom formed a venture with Taihan Electric Wire Co. Ltd to produce power and telecom cables.
Sacom said in March it was seeking to raise funds for a $24.8-million five-star resort in the Central Highland city of Dalat, a $25-million office building in Ho Chi Minh City and to invest in a telecoms joint venture in Cambodia.
On Friday, Sacom shares fell 10,000 dong, or 4.95%, to 192,000 dong ($11.9).
Source: Reuters
Wednesday, March 28, 2007
AlphaNam on course
Alphanam Electricity and Machinery Co profits for the first quarter will meet company expectations of around VND75 billion, says Board Chairman Nguyen Tuan Hai.
His assessment is based on strong returns from investments made throughout the first three months of the year.
On March 19, Alphanam purchased a 10 per cent stake in Phu Thai Distribution and Investment Group. The company also signed a memorandum of understanding to become a strategic partner in Civil Engineering Construction JSC No 118 (Momota), along with Cable and Telecommunications Material Co (Sacom).
Phan Chi Vinh, Momota general director, said the two co-investors would lend huge support to the company.
Alphanam signed another memorandum of understanding with Sacom to become a strategic partner.
Under the agreement, Alphanam holds 700,000 Sacom shares worth VND7 billion (US$437,500).
Nguyen Quang Huy, Alphanam deputy general director, said that joining forces with Sacom will help the company build a strong portfolio before it holds an initial public offering some time in the second quarter.
Alphanam shares in the over-the-counter market trade at about VND85,000 ($5.30) a piece.
Alphanam is also expanding its business overseas with a $5 million contract with Cambodia’s Amatak Angkor Elevator Co.
Alphanam, established in 1995, primarily produces electronic parts, composites and paints.
Last year, the company earned VND250 billion ($15.6million) in revenue, triple that of 2005, and offered a 30 per cent dividend payment. Revenues this year are expected to reach VND450 billion ($28.1 million).
Source: VNS
His assessment is based on strong returns from investments made throughout the first three months of the year.
On March 19, Alphanam purchased a 10 per cent stake in Phu Thai Distribution and Investment Group. The company also signed a memorandum of understanding to become a strategic partner in Civil Engineering Construction JSC No 118 (Momota), along with Cable and Telecommunications Material Co (Sacom).
Phan Chi Vinh, Momota general director, said the two co-investors would lend huge support to the company.
Alphanam signed another memorandum of understanding with Sacom to become a strategic partner.
Under the agreement, Alphanam holds 700,000 Sacom shares worth VND7 billion (US$437,500).
Nguyen Quang Huy, Alphanam deputy general director, said that joining forces with Sacom will help the company build a strong portfolio before it holds an initial public offering some time in the second quarter.
Alphanam shares in the over-the-counter market trade at about VND85,000 ($5.30) a piece.
Alphanam is also expanding its business overseas with a $5 million contract with Cambodia’s Amatak Angkor Elevator Co.
Alphanam, established in 1995, primarily produces electronic parts, composites and paints.
Last year, the company earned VND250 billion ($15.6million) in revenue, triple that of 2005, and offered a 30 per cent dividend payment. Revenues this year are expected to reach VND450 billion ($28.1 million).
Source: VNS
Friday, March 09, 2007
Cable maker starts strategic alliance
Sacom has entered into a strategic agreement to make joint investments with construction and trading firm Hoa Phat.
Following a deal signed Thursday, Sacom will acquire 4.5 million shares in Hoa Phat and the latter will acquire 2 million Sacom shares at undisclosed prices.
Sacom will issue shares to Hoa Phat once it gets the regulator’s nod.
The agreement sees both parties pledging to use each other’s products and services and promote joint investment projects.
Sacom holds 15 to 40 percent stakes in six other companies with a combined chartered capital of nearly VND1.4 trillion (87.4mio US$). Its stock gained 4.69 percent Thursday to VND223,000 per unit.
Hoa Phat is a private joint stock company involved in industrial manufacturing, construction, and trading that is seeking to list on the Ho Chi Minh City stock exchange this year.
It reported revenues last year of VND3.8 trillion (240mio US$) and profits of VND225 billion.
It is also a holding concern running seven other enterprises with a total chartered capital of VND 1.1 trillion.
Source: Thanh Nien
Following a deal signed Thursday, Sacom will acquire 4.5 million shares in Hoa Phat and the latter will acquire 2 million Sacom shares at undisclosed prices.
Sacom will issue shares to Hoa Phat once it gets the regulator’s nod.
The agreement sees both parties pledging to use each other’s products and services and promote joint investment projects.
Sacom holds 15 to 40 percent stakes in six other companies with a combined chartered capital of nearly VND1.4 trillion (87.4mio US$). Its stock gained 4.69 percent Thursday to VND223,000 per unit.
Hoa Phat is a private joint stock company involved in industrial manufacturing, construction, and trading that is seeking to list on the Ho Chi Minh City stock exchange this year.
It reported revenues last year of VND3.8 trillion (240mio US$) and profits of VND225 billion.
It is also a holding concern running seven other enterprises with a total chartered capital of VND 1.1 trillion.
Source: Thanh Nien
Wednesday, December 06, 2006
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.
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.
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