Forest Product Processing and Transportation JSC grows paper materials in the northern province of Phu Tho.— Photo vinapaco.com.vn

HA NOI (Biz Hub) — The Forest Product Processing and Transportation Joint Stock Company will sell over 1.4 million of its shares in an initial public offering (IPO) on May 9, Hanoi Stock Exchange noted.

According to the exchange, shares accounting for 97.4 per cent of the company's charter capital will be sold at VND10,000 (US$0.43) per share in an auction to be held by the Ha Noi Stock Exchange in the capital city.

The company, under the Vietnam Paper Corporation, has received state capital worth VND14.81 billion (US$705,000).

The company was founded in 2005 on the basis of a merger between two state-owned units of the former Bai Bang Paper Company. It currently works as one of the subsidiaries of the Vietnam Paper Corporation in growing and processing materials for paper products.

According to the Ministry of Finance, this IPO was among the scheduled equitisation of 15 State-owned enterprises (SOEs) in the first quarter. In accordance with the target, the country will equitise more than 200 SOEs this year.—VNS