Vietnam Rubber Group to sell over 475 million shares to public
Friday, 19/01/2018 19:46 (GMT+7)
The Vietnam Rubber Group (VRG) on January 18th announced information for its first initial public offering (IPO).
A leader of VRG announcing IPO route. (Credit: Nhandan.com.vn)
This is the following procedure of VRG after its privatization plan received approval of the Government.
As planned, at 09h00 of February 2nd, the group will sell more than 475.1 million shares, equivalent to nearly 11.9% of its total charter capital of VND40 trillion to the public, with starting price of VND13,000 each share.
Mr. Tran Ngoc Thuan, General Director of VRG, said criteria to select strategic investors were approved and will be implemented from January 19th to March 29th. Concurrently, in late March 2018, the group will organize a general assembly of shareholders.
According to the privatization plan, the State will retain three billion shares, or 75% of the capital after privatization, Thuan stressed. The auction of 25%, equivalent to 1 billion of the shares, is expected to collect VND13 trillion.
In 2017, the group achieved and exceeded most major targets with total after-tax profits of VND3.6 trillion, contributing VND1.65 trillion to the State budget./.
USD1 = VND22,745 in accordance with the exchange of Vietcombank on January 19th
BTA
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