Sài Gin Fuel Joint Stock Company (SFC) registered to buy over 9.7 million shares, or nearly 33 per cent, of stakes in HCM Food One Member Company (Foodcosa) when the firm auctioned its shares in an initial public offering this week. — Photo vietstock.vn

HCM CITY (Biz Hub) — Sai Gon Fuel Joint Stock Company (SFC) registered to buy over 9.7 million shares, or nearly 33 per cent, of stakes in HCM Food One Member Company (Foodcosa) when the firm auctioned its shares in an initial public offering this week.

According to the HCM City Stock Exchange, which will organize the auction, the shares are to be offered on July 15 at a starting price of VND12,000 each (US$0.53).

After equitization, Foodcosa is expected to have a charter capital of VND294.5 billion ($13.1 million). Except shares sold in the IPO, the state would hold 65 per cent equity, equivalent to 19.14 million shares, while employees would hold over 2 per cent of the stakes.

Established in 1980 in HCM City, Foodcosa traded food and industrial products, such as flour, fertilizers and pesticides, as well as consumer goods. Focosa is also involved in trading fuel in the country, along with retailing. — VNS