The Government will sell 80.6 million shares of Viglacera Corporation, listed as VGC, from June 27 to July 21, reducing State ownership in the firm to 36 per cent.
The current State ownership ratio in Viglacera is nearly 54 per cent, with the Ministry of Construction representing the Government to manage State capital in the company.
The ministry will sell 80.6 million shares, equivalent to 17.97 per cent of capital, via order matching on the stock market. If the divestment is successful, the State will hold only 36 per cent of VGC’s capital, equivalent to 161.4 million shares.
The information was released shortly after the Ha Noi Stock Exchange approved the listing of an additional 242 million VGC shares owned by the Ministry of Construction.
According to the capital divestment plan approved by the end of May, the ministry will sell shares with the price set at the ceiling price of the trading day but at a minimum of VND26,100 (US$1.13) per share and not lower than the average reference price of 30 consecutive trading days on the stock market prior to the date of disclosure.
On the stock market last month, VGC shares traded at VND21,400-25,000 per share, lower than the minimum price that the Ministry of Construction will withdraw.
VGC recently announced that the annual shareholders’ meeting would be held on June 29, in which the company will transfer the listing from Ha Noi Stock Exchange to HCM Stock Exchange. The transfer is expected to be completed in the fourth quarter of this year.
VGC targets an accumulated revenue of VND9.1 trillion in 2018, with profits of VND950 billion and a dividend of 9.5 per cent.