SCIC is selling its unsold shares at COIMEX again.

Having failed to sell in December 2024 due to no investors registering to participate in the auction, the State Capital Investment Corporation (SCIC) once again put up a lot of shares at COIMEX for sale and decided not to lower the starting price.

Having failed to sell in December 2024 due to no investors registering to participate in the auction, the State Capital Investment Corporation (SCIC) once again put up a lot of shares at COIMEX for sale and decided not to lower the starting price.

SCIC has just announced the auction of shares of Con Dao Seafood and Import-Export Joint Stock Company (COIMEX). The auction volume is 2,747,549 shares, equivalent to 34.31% of COIMEX's charter capital; the starting price of the whole lot is VND122.82 billion, equivalent to VND44,702/share.

COIMEX, formerly known as Ben Dam Seafood Exploitation and Transport Enterprise, was established in 1989 in Ba Ria - Vung Tau province. In 1992, it merged with Con Dao Production - Trading - Import-Export Company. This enterprise officially operated as a joint stock company since mid-2006. Up to now, COIMEX has a charter capital of more than 80 billion VND, operating mainly in the field of processing and preserving aquatic products and aquatic products. The Company's average import-export turnover in recent years has reached 20 million USD/year.

According to the assessment of the consulting unit for the auction, FPT Securities Joint Stock Company, COIMEX has the advantage of abundant aquatic resources from the sea of Con Dao, has a remarkable position in the aquatic industry in Vietnam, especially in the export segment. The company has built a certain brand image and has strong relationships with important markets such as the US, Japan, and the EU.

Regarding business results, in 2023, the Company recorded more than 500 billion VND in revenue, with after-tax profit reaching 15 billion VND.

The notable point in this divestment is COIMEX's fixed assets. Specifically, COIMEX is managing and using 9,569.2 m2 of land at No. 1738, 30/4 Street, Ward 12, Vung Tau City as Phuoc Co Seafood Processing Enterprise. This is land leased from the State, with a term of 50 years from July 18, 2007. In addition, the Company is using 2,599.5 m2 of land at No. 335, Tran Phu Street, Ward 5, Vung Tau City for seafood processing, freezing, kiosks and 4,008.5 m2 at No. 80, Bach Dang Street, Ward 5, Vung Tau City, Ba Ria - Vung Tau Province is also for lease.

Despite possessing many potentials and advantages, no investors participated in the offering of this batch of shares in December 2024.

The 2023 financial report shows that COIMEX's total assets by the end of 2023 were VND 187.5 billion, of which short-term receivables were VND 48 billion and inventories were VND 53.2 billion. The company had short-term financial investments (bank deposits) of VND 22.7 billion and long-term financial investments of more than VND 20 billion.

According to the information announcement on the share offering, COIMEX currently has two subsidiaries: Vung Tau Commercial Port JSC and Hung Cuong Seafood Import-Export Processing JSC.

In particular, Vung Tau Commercial Port (VCP) is the enterprise that COIMEX recorded an investment capital of VND 20.1 billion (equivalent to 55.7% of the charter capital of Vung Tau Commercial Port Company), operating quite effectively, helping COIMEX earn VND 3.2 billion in dividends. However, COIMEX said that the situation of the wharf and waterway has seriously degraded, not meeting safety standards, affecting the business activities of Vung Tau Commercial Port.

In addition, COIMEX also recorded an investment of VND5.7 billion in Hung Cuong Seafood, but this enterprise has stopped operating for many years and is undergoing bankruptcy procedures. COIMEX has made financial provisions for this entire investment since 2016.

On the other side of the balance sheet, liabilities are at 73 billion VND, equity is 114.63 billion VND.

Notably, COIMEX's total short-term debt has increased gradually over the years, from 2020 to 2023, mainly due to the increase in short-term loans and financial leases. In addition, from 2022, COIMEX has no long-term loans and financial leases, as the Company has paid them off to reduce its dependence on long-term debt. This helps the Company reduce long-term financial pressure.

However, COIMEX is also facing potential debt. Specifically, on February 14, 2022, the Enterprise Arrangement and Development Support Fund issued an official dispatch on reviewing, comparing and confirming the Fund's debt as of December 31, 2021, with the interest rate on late payment of dividends on COIMEX's state capital being VND 5.56 billion. COIMEX has not yet recorded this figure in the 2023 Financial Report but is waiting for a response from the Ministry of Finance .

Source: https://baodautu.vn/scic-lai-rao-ban-lo-co-phan-e-tai-coimex-d247483.html