PM approves Vinatex IPO plan

Saturday, May 10, 2014 12:01

PM Nguyen Tan Dung approves Vinatex IPO plan, in which the State will retain a 51 per cent stake. — The Photo

HA NOI (Biz Hub)  — The State-run Viet Nam National Textile and Garment Group (Vinatex) will sell a portion of its stock and issue more shares to raise capital under an IPO (initial public offering) plan that the Prime Minister has approved.

Vinatex will sell nearly 122 million shares to the public, equivalent to 24.4 per cent of its capital, while offering 120 million shares, or 24 per cent of total capital, to strategic investors, and three million shares to employees.

The State will retain a 51 per cent stake after the IPO.

The Prime Minister has authorized the Ministry of Industry and Trade (MoIT), representative of State capital in the group, to decide the opening price for the IPO and select an intermediary financial institution and stock exchange to sell shares.— VNS

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