Pharmacists in a laboratory. Prime Minister Nguyen Tan Dung has approved the equitisation plan of the Vinapharm in the form of selling part of the existing State shares. —  Photo nld.com.vn

HA NOI (Biz Hub) — Prime Minister Nguyen Tan Dung has approved the equitisation plan of the Vietnam Pharmaceutical Corporation (Vinapharm) in the form of selling part of the existing State shares.

The corporation's registered capital is VND2.37 trillion (US$105.1 million), equivalent to 237 million shares. Of these, the Ministry of Health will hold 65 per cent of the corporation shares and will represent the State shares.

Besides, there will be 40.29 million shares, or 17 per cent of charter capital offered to strategic investors, while 42.56 million shares, equivalent to 18 per cent, will be sold on public auctions.

The prime minister has authorised the health minister to decide a starting price and directed the Vinapharm to conduct the sale of shares to the public.

The corporation will be listed on a stock exchange as prescribed when it meets the current requirements.

In the first half of this year, Vinapharm revenue was VND16.597 trillion (US$736.33 million), a 9 per cent higher than last year's period. The company at the end of 2014 invested VND319 billion (US$14.15 million) in its subsidiaries, including Imexpharm, Mekophar, Vimedimex and Phytopharma. — VNS