Workers install a glass wall, produced by Viglacera Corp, for a building. — Photo vigalacera.com.vn

HA NOI (Biz Hub) — Viglacera Corporation, a State-run building material manufacturer and real estate investor, became a joint-stock company on Wednesday.

The change, expected to create more advantageous conditions for company development, was announced at its shareholder meeting in Ha Noi on the same day. The privatisation plan was approved by Prime Minister Nguyen Tan Dung last December.

According to the Ministry of Construction's Decision No 716/QD-BXD, dated June 24, 2014, on the equitisation, Viglacera has a charter capital of VND2.645 trillion, or US$125.95 million. The firm will make an initial public offering of 264.5 million shares, with a face value of VND10,000, or $0.48, per share.

The State will hold 91.48 per cent of the total equity, while 0.55 per cent will be offered to the company's employees, and 9.97 per cent will be reserved for other shareholders.

Viglacera chairman Luyen Cong Minh said that this year, the company would focus on constructing urban areas, low-income dwellings, industrial zone infrastructure and water supply and treatment works, as well as developing energy-saving glass.

Accelerating research, human resource training and market development would be among its major tasks.

The company plans to earn a total turnover of about VND4.18 trillion, or $199.05 million, and earn pre-tax profit of VND271 billion, or $12.90 million, in 2014. It expects to pay dividend at a rate of 2.65 per cent.

During the first half of the year, the company's turnover was nearly VND2.1 trillion, or $100 million, and the pre-tax profit was VND116 billion, or $5.52 million. — VNS