The State Capital Investment Corporation (SCIC) has set the minimum bidding price for the competitive share offering of Viet Nam Construction and Import-Export Joint Stock Corporation (Vinaconex) at VND25,600 (US$1.12) per share.

SCIC will auction 96.24 million shares of Vinaconex, equal to 21.79 per cent stake of the company, on December 8 on the Ha Noi Stock Exchange.

At this price, the State investment company expects to collect at least VND2.46 trillion (US$108 million) from the sale, while retaining a 36-per-cent stake in the company.

Vinaconex’s initial selling price is 3 per cent cheaper than Tuesday’s close of VND26,400 per share, coded VCG on the Ha Noi’s bourse. VCG had rallied in five consecutive sessions before falling on Tuesday under profit-taking pressure. The shares have climbed 95.6 per cent this year.

Each prospective investor must register to buy a minimum of 5,000 shares and a maximum of 96.24 million shares. The cash deposit must be equal to 10 per cent of the value of the booked purchase at the offering price.

In a roadshow in mid-November, Vinaconex said it had targeted an average growth of 10-15 per cent during 2017-21. In the first nine months of this year, its revenue was estimated at nearly VND6.63 trillion, up 17.9 per cent over the same period last year and exceeding its full year’s target by 61 per cent.

The after-tax profit was VND623 billion, rising by 31.3 per cent year-on-year. – VNS