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Ministry of Transport to offload 18 per cent of Viglacera

Customers attend the Viglacera booth at an exhibition. The Ministry of Transport will sell nearly  一 八 per cent of Viglacera in the first divestment this year. — Photo viglacera.com.vn

HÀ NỘI – The Ministry of Transport (MOT) will sell  八0. 五 八 million shares of Viglacera Corporation, equivalent to  一 七. 九 七 per cent of the company’s charter capital, in its upcoming State capital divestment this year.

According to the divestment plan, which was recently approved by the ministry, the shares will be auctioned on the stock exchange.

The minimum bidding price will not be lower than VNĐ 二 三,000 (US$0. 九 九) per share or the average price of Viglacera in the  三0 consecutive sessions before the announcement of the auction.

At this price, the deal is valued at more than VNĐ 一. 八 五 trillion ($ 七 九. 五 million).

After the sale, the ministry still holds  一 六 一. 四 million shares of Viglacera, or  三 六 per cent of its capital, and retains the veto power at the company.

Shares of Viglacera, coded VGC on the Hà Nội Stock Exchange, gained  二 五 per cent this year, from VNĐ 一 七, 四00 per share to VNĐ 二 一, 八00 apiece on Tuesday. However, this price is still lower than the starting price for the auction.

The price jump was attributable to investors’ expectations for the ministry’s divestment this year. In  二0 一 八, MOT registered to sell more than  八0 million shares of Viglacera with a minimum price of VNĐ 二 六,000 per share but the sale failed to attract investors amid gloomy market conditions.

The ministry is expected to float its entire stake of nearly  五 四 per cent in the company this year.

In a related development, Dragon Capital’s fund groups late last month sold its full holding of  四 四 million shares, equivalent to  九. 八 per cent of Viglacera’s capital, to domestic investors.

Founded in  一 九 七 四, Viglacera has developed from a brick and ceramic tiles manufacturer to one of the leading State-owned enterprises in the construction industry in Việt Nam. The corporation focuses on the manufacturing of building materials and development of infrastructure and industrial parks.

Ending  二0 一 八, the company reported net revenue of nearly VNĐ 九 trillion ($ 三 八 六. 三 million) and after-tax profit of VNĐ 六 六 七 billion ($ 二 八. 六 million), a slight decrease compared to the previous year.

In January, the Hồ Chí Minh Stock Exchange approved the company’s listing of  四 四 八 million shares on this bourse. – VNS