Vinacomin jumps for TIC stake

State-run Vinacomin recently proposed to buy bad debtor Vinashin’s 5 per cent stake in Thach Khe Iron Joint Stock Company.
“We got the nod from Vinashin for the deal and are waiting for a written consent from Vinashin to come up with relevant legal procedures,” said a Vinacomin executive.
As planned, by May 15, 2011 the shareholders of TIC’s iron mining project were obliged to sufficiently contribute 48 per cent of TIC’s total charter capital of around VND1.2 trillion ($58 million).
However, prior to that date the shareholders only paid in around VND700 billion ($33.8 million). Some shareholders, including Vinashin, had failed to handle their capital contribution obligations on time.
TIC’s board of directors then came to the decision to take back the share of disobedient shareholders in TIC to provide to other shareholders who had finalised their capital contributions.

Tags: Vinacomin

Posted by VBN on Jun 2 2011. Filed under Mining & Metal. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry