- 1 ：ななし ：2018/02/01(木) 12:08:03
- 492 ：戦艦 長門 ：2018/08/17(金) 23:29:58
- 493 ：NINJA300 ：2018/08/18(土) 21:15:55
- 494 ：アジア株太郎 ：2018/08/19(日) 09:35:09
- 495 ：アジア株太郎 ：2018/08/19(日) 09:41:31
- The trouble with ACV
Majority-owned by the French government but slated for privatization, ADP has experienced being squeezed between majority and minority stakeholders.
In March 2016, ADP said it had been invited to negotiate exclusively with the Vietnamese authorities to acquire a 20% stake in Airports Corporation of Vietnam (ACV), the monopoly operator of airports.
“We have been very patient and resilient in our engagement with the Vietnamese government on the privatization programme of Airports Corporation of Vietnam,” says Beurrier. “However, the way it is being run by the government of Vietnam - with a partial privatization of 3% of the capital on the local market, which gave some valuations which were more casino valuation than airport valuation” has meant that negotiations have now ended.
While there was a deadline set – of 31 March 2017 – to conclude negotiations, Beurrier says “deadlines are not black or white - especially in Vietnam, with so many stakeholders”.
Beurrier blamed leaks in the press about ADP's intentions to invest for contributing to a lofty valuation. Since listing the ACV's share price has tripled. "We could not justify paying three or four times the intrinsic value, it was simply not possible," he says.
He explains that the process had begun with master planning for the planned Long Thanh International Airport. “It was something very rational – [the government said it would] open a state-owned operation to international strategic investors. Then [it said], 'why don’t we privatise 3% [first]”.
“It was an impasse or dead end,” he says of the company's decision to pull out of the process.
The company is not giving up on Vietnam, however. "Somehow something will happen – we don’t know what," says Beurrier. The country's private sector enterprises are impatient for airports to be developed at a faster pace than ACV is doing.
Outside Indonesia and the Philippines, however, Coffinier says the company’s main opportunities in Southeast Asia will be in consulting and engineering to airports rather than investing in and operating them.
- 496 ：NINJA300 ：2018/08/19(日) 14:43:01
- 497 ：戦艦 長門 ：2018/08/19(日) 22:08:01
- 498 ：NINJA300 ：2018/08/19(日) 22:44:16