A building belonging to Becamex IDC in Bình Dương Province. The company plans to sell 300 million shares to the public at not less than VNĐ50,000 to raise at least VNĐ15 trillion (US$587 million). — Photo courtesy of Becamex IDC

The Investment and Industrial Development Corporation (Becamex IDC) plans to sell 300 million shares to the public at a yet undecided price.

It received shareholders’ approval at its annual meeting on June 27 for the issuance at the Hồ Chí Minh Stock Exchange, and hopes to raise at least VNĐ15 trillion (US$587 million).

While it has not disclosed the exact issue price, it will not be less than VNĐ50,000.

The Becamex share closed at VNĐ65,000 on June 27.

It said the funds raised from the issuance will be used to expand its Cây Trường and Bàu Bàng industrial parks, which will cost an estimated VNĐ6.3 trillion.

More thanVNĐ5 trillion will be used to repay debts.

The company operates 18 Becamex VSIP industrial parks in various provinces and cities across the country.

It also has interests in urban real estate, commerce, services, healthcare, and education.

Its revenue and profit targets for this year are VNĐ9 trillion and VNĐ2.35 trillion.

Last year they had been nearly VNĐ8.2 trillion and VNĐ2.4 trillion, up 25 per cent and 43.5 per cent from 2022. — VNS