Ha Noi People's Committee will divest all investment in Haneco, which trades raw materials for the animal feed industry. Haneco's headquarter in Ham Long Street Ha Noi. — Photo baodauthau

Ha Noi People's Committee will divest more than 1 million shares from Haneco Import and Export Joint Stock Company on November 1.

The total 1,130,710 shares, accounting for 97.56 per cent of the company's charter capital, will be offered at an initial price of VND 11,900 ($0.51) each.

Haneco was established in 1993 by the Ha Noi People's Committee. In 2016, the company transformed into a joint stock company, specialised in trading raw materials for the animal feed industry, such as soybean meal, corn and rice bran. The company also provides labour services in the city.

The company's net revenue remained stable and had slight growth from VND 377 billion ($16.2 million) in 2017 to VND 384 billion ($16.5 million) in 2018. The company’s profit after tax was about VND 1.1 billion ($47,295) for each year. — VNS