Geruco Song Con is one of the five hydropower companies where VRG divests its capital in October. — Photo  gscpower.vn

HA NOI (Biz Hub) —Vietnam Rubber Group (VRG) sold one lot of 110.8 million shares from five hydropower companies for over VND1.4 trillion (US$62.6 million), aimed at divesting from its non-core subsidiaries.

This was announced by the group on October 10.

The companies are Geruco Song Con Hydropower JSC, VRG-Bao Loc JSC, VRG Phu Yen JSC, VRG Ngoc Linh JSC and VRG Dak Nong JSC.

According to the group, after it offered the lot at the starting price of VND1.414 trillion, one of the three bidders, from among REE Corporation and two hydropower companies, won the bid at the price of VND1.415 trillion. VGR did not disclose the name of the winner.

VRG was established in 2006 in HCM City. It specialises in planting, maintaining, exploiting and processing rubber latex, industrial trees and agro-products. It also engages in manufacturing and trading all kinds of rubber products and other services that serve the industry.

By the end of 2015, VRG's charter capital reached VND26.2 trillion. Total assets of the parent company amounted to VND36.8 trillion.

The group said the purpose of the sale was to divest from its subsidiaries and affiliated companies to serve the equitisation process of the parent company. As expected, VRG will hold the initial public offering in the first quarter of next year. — VNS