Viet Nam Post Corporation (VNPost) will auction its stake of 8.79 million shares in Post and Telecommunications Tourism Joint Stock Company, equivalent to 90.22 per cent of the charter capital.

The auction will take place at the Ha Noi Stock Exchange on September 28.

The total value of shares offered for sale is VND87.9 billion (US$3.87 million), with the starting price of VND18,500 per share.

Established in 2001, Post and Telecommunications Tourism Joint Stock Company has initial registered capital of VND120 billion.

Currently, the company owns charter capital of VND97.51 billion, of which VNPost holds 90.22 per cent.

The company focuses on providing hotel and restaurant services, organising travel tours, and managing transportation and consultation services.

According to the enterprise’s valuation results, the total value of the company’s assets is VND194.66 billion, while liabilities is VND14.67 billion and the remaining value of the enterprise is VND179.99 billion, of which cash and short-term investments account for VND66 billion.

In 2017, the company has targeted net revenue of VND56 billion and after-tax profit of VND3.2 billion. — VNS