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Media rumours push VCG to the floor   2008-12-21 - VNS

The share price of Vinaconex (VCG) hit the floor Friday at the Ha Noi Trading Securities Centre (HASTC). Remaining sell orders totalled 621,800 shares.

The problem followed several newspapers’ reports related to the finalisation of the equitisation process of Vinaconex.

Government inspectors said that many mistakes had been found in defining the value of land-use in addition to many wrongdoings by affiliated companies.

The wrong use of money reported by inspectors reached VND1.4 trillion (US$82.3 million) and had to be revoked, according to some newspapers.

Yesterday, the corporation issued an announcement emphasising that the information by some newspapers was inaccurate and out-of-date.

It had explained in a report to the Chief Government Inspector that most of the money had been properly used and should be cleared by the Government, the corporation said.

Vinaconex has a charter capital of VND1.5 trillion ($88.2 million). Real capital contribution by March 31 this year was more than VND1.49 trillion. The State holds 63.35 per cent and outside and inside shareholders the rest.

The corporation is involved in construction, investment and real estate, construction materials, hotels, trade centres, supermarkets, industrial zones and financial investment.

As the corporation reported, its performance in the third quarter this year amounted to VND1.103 trillion in revenue and its after-tax profit reached VND67.7 billion.

VGC yesterday ended the day at VND15.4 per share.

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