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Vietnam Industrial sells subsidiaries for $10.8m

PERTH-BASED Vietnam Industrial Investments Ltd has announced plans to sell its stake in two subsidiaries, concrete-reinforcing steel bar producers Vinausteel Ltd and Ssesteel Ltd to Tata Steel subsidiary NatSteel Asia for an expected $10.8 million. The net purchase consideration payable to VII will be determined following a post completion audit, though a share deal is expected to be a part of the agreement. VII, which holds a 70 per cent stake in Vinausteel and 100 per cent of Ssesteel, will retain its 67 per cent stake in roofing and wall cladding producer Austnam Joint Stock Corporation, 97 per cent holding in building systems provider Total BuildingSystems Ltd, and total ownership of weldmesh company VRC Weldmesh (Vietnam) Ltd. The company said in an announcement it was investigating other opportunities to enhance shareholder value.

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Share Price

Closing price for the last 90 trading days
Source: Morningstar

Total Shareholder Return as at 31/08/18

1 year TSR5 year TSR
88thEmeco Holdings103%15%
345thUnited Overseas Australia9%9%
375thSouthern Cross Electrical Engineering6%-2%
465thDecmil Group-5%-14%
646thVietnam Industrial Investments-34%20%
737 WA (and selected non WA) listed companies ranked by 1 year TSR relative to other companies with similar revenue
Source: Morningstar

Revenue

14th↑United Overseas Australia$458.7m
15th↑Emeco Holdings$383.2m
16th↑Vietnam Industrial Investments$380.0m
17th↑Southern Cross Electrical Engineering$351.3m
18th↑Decmil Group$341.6m
237 listed industrial companies ranked by revenue.
Source: Morningstar

Remuneration from Vietnam Industrial Investments

196thHenry Lam$525k
231stAlan Young$447k
663rdPatricia Williams$169k
Ranked by total remuneration from all listed WA companies

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