The Viet Nam Construction and Machinery Installation Corp (Lilama) will withdraw 15 per cent of its capital at its affiliate, Lilama 45-1 Joint Stock Company.

The process will begin from now until the end of the first quarter of 2018. Lilama, under the Ministry of Construction, will auction 720,000 shares of Lilama 45-1 at an initial offering price of VND10,987 (44 US cents) per share. The offering of shares will be held at Sai Gon-Ha Noi Securities Joint Stock Company (SHS).

Lilama currently holds a total of 2.4 million shares at Lilama 45-1, equivalent to 51 per cent of the company’s charter capital. Therefore, after the divestment, Lilama will reduce its ownership to 36 per cent.

The divestment is scheduled to be implemented in accordance with Lilama’s project on restructuring and enhancing management capacity during the period of 2016-25. — VNS