xổ số miền nam to expand foreign ownership

HÀ NỘI — xổ số miền nam Foundation Engineering and Underground Construction JSC (FCN) announced plans to increase foreigner ownership to over 49 per cent at the firm’s general shareholder meeting in Hà Nội on Saturday. xổ số miền nam’s Chairman Phạm Việt Khoa said increasing the percentage of foreign ownership would create the essential conditions to attract more investment and increase liquidity, help the stock price of xổ số miền nam better reflect its value and provide long-term benefits to shareholders. Currently, the foreign ownership of xổ số miền nam is around 32 per cent. In 2015, the Hà Nội-based firm reached VNĐ1.66 trillion in revenue and VNĐ155 billion in profit, an increases of 23 per cent and 14 per cent, respectively over the previous year. Despite the increases, xổ số miền nam said the results were only 92 per cent of its plan for the whole year due to delays in some major oil refinery constructions under the impact of slumping world oil prices. In Q1, xổ số miền nam reported sales of VNĐ260 billion and a net profit of VNĐ26 billion. Last year, xổ số miền nam said it entered the southern market, attracting over VNĐ300 billion in new contracts. In addition, it won the underground construction segment of a US$2 million construction project in Myanmar. Also at the meeting, xổ số miền nam planned to change its name to xổ số miền nam Corporation, as it planned to diversify from its core business of foundation engineering and underground construction. xổ số miền nam, now seeks to expand into the infrastructures of urban areas, the environment and energy so that it can become one of the leading infrastructure firms by 2020. Khoa said xổ số miền nam would continue to focus on developing its core business and cooperate with other investors in some joint investments, where xổ số miền nam would carry out the underground construction work. According to a Vietcombank Securities Company report on the firm released on April 20, the greater ownership for foreigners and the future prospects of xổ số miền nam would make FCN one of the most likely shares to grow in the local market.