According to the direction of the Prime Minister, in 2018, Khanh Viet Corporation (Khatoco) will be equitized. During the period from 2016 to 2020, Khatoco will reduce the state owed capital to 50 – 65% of charter capital.
Under the guidance of the Prime Minister, up to November, 2018, Khatoco has withdrawn the state owed capital from its following subsidiary companies: Tan Tien Textile Joint Stock Company, Khatoco Feed Joint Stock Company, Khanh Tan Joint Stock Company, Tan Khanh An One Member Company Limited, AK International Company Limited. In which, Khatoco already withdrew 100% of state owned capital from 3 subsidiaries: Tan Tien Textile Joint Stock Company, Khatoco Feed Joint Stock Company and AK International Company Limited.
In 2018, the domestic and international stock markets have been very complicated. A lot of companies have offered shares to the public for the first time (PIO) that causes the excess of supply over demand and the decline of share prices. This has affected greatly Khatoco’s divestment schedule. The quantity of shares which were sold to the investors is still very low.
In 2019, according to Khatoco’s plan, the state owned capital will continue to be withdrawn from Tan Khanh An One Member Co. Ltd., Khanh Tan Joint Stock Company, Long Phu Tourist Joint Stock Company. Khatoco is looking for the investors for these companies.
Together with withdrawing the state owed capital from its subsidiary companies, Khatoco is coordinating with the financial institutions and the authorized departments to value Khanh Viet corporation. The valuation is expected to finish before December 31, 2018. After that, Khatoco will be equitized completely and only retains the state owned capital from 50 to 65% of charter capital.
Being a state owned business directly under Khanh Hoa People’s Committee, operating different businesses in the fields of Cigarettes; Garment-Fashion; Livestock-Tanning; Sea-ecotourism; Industrial cluster infrastructure development; Real estate, having advanced production lines and technologies, strong financial system, wide markets and high quality human resources, Khatoco is very confident that the equitization will be implemented on schedule as requested by the Prime Minister.
Some financial information of Khatoco in 2017 (Audited)
– Owned capital: VND 2,840 billion
– Short-term liabilities: VND 2,897 billion
– Long-term liabilities: VND 80.4 billion
– Revenue by the sale of goods and services: VND 7,325.7 billion
– Profit before tax: VND 536.4 billion
