VIETNAM: Vinasugar II to auction 93% of shares February 13
Published: 01/12/2018, 11:25:13 AM
Việt Nam Sugarcane and Sugar Corporation II (Vinasugar II) will auction 63.59 million shares to the public on February 13, according to the HCM Stock Exchange (HoSE), according to the Vietnam News Service.
The stake of Vinasugar II is held by the Ministry of Agriculture and Rural Development (MARD).
Currently, the company has a chartered capital of VNĐ685 billion (US$30.14 million). The number of shares to be auctioned is over 63.69 million, accounting for 93 per cent of the corporation's chartered capital.
With a starting price of VNĐ10,420 per share, it is estimated that MARD will collect about VNĐ664 billion through the auction.
Information about the auction, filing and deposit is scheduled to be made public on January 15.
Vinasugar II specialises in manufacturing sugar, starch and packaging; technical services for sugarcane; consulting services and financial investment; commercial and real estate business with its member units, such as La Ngà Sugar Joint Stock Company and Bình Dương Sugar Joint Stock Company, in association with Vinasugar I, Hiệp Hòa Sugar Cane and Sugar Joint Stock Company.
In 2016, Vinasugar II posted VNĐ448.7 billion in revenues, VNĐ29.9 billion in after-tax profits, and produced 1.55 million liters of refined alcohol, as well as 183 tonnes of CO2. The company traded 22,871 tonnes of sugar.
The company targeted to reach VNĐ462 billion in revenues and nearly VNĐ16.5 billion in after-tax profits in 2017.