Leading state-owned machinery firm to go public in 2015
Leading state-owned machinery firm to go public in 2015
On August 13 the Minister of Construction approved the equitisation roadmap of the Vietnam Machinery Installation Corporation (Lilama).
Accordingly, the corporate valuation will be completed by December 30 this year and the equitisation plan will be submitted to the Ministry of Construction (MoC) by January 30, 2015, and to the prime minister by February 15, 2015.
The firm will hold a roadshow and IPO by April 30 next year. A private placement to strategic partners, if applicable, and to employees will be held in April 2015. The firm will officially transition into a joint stock company also next year.
Established in 1960, Lilama has installed machinery at a number of projects in Vietnam. It executed 70 per cent of the mechanical and electrical works in Vietnam’s first oil refinery Dung Quat. The firm currently has 20 subsidiaries and employs 25,000 workers.
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