Vinafood 2 to conduct VND5 trillion IPO
Vinafood 2 to conduct VND5 trillion IPO
Southern Food Corporation (Vinafood 2) will conduct its initial public offering (IPO) at the initial price of VND10,100 ($0.44) per share within the next three months.
Deputy Prime Minister Vuong Dinh Hue signed Decision No.2133/QD-TTg on December 29, 2017 approving the equitisation plan of Vinafood 2 (VNF2). The company will offer 500 million shares with the starting price of VND10,000, bringing the offering’s initial value to VND5 trillion ($220 million). The offer will include:
255 thousand shares (51 per cent of charter capital) owned by the state
114,831,000 shares (22.97 per cent) will be auctioned publicly
4,969,000 shares (0.99 per cent) will be sold to employees
200,000 shares (25 per cent) will be sold to the corporation’s trade union
125 million shares (25 per cent) will be sold to strategic investors
The agency representing state ownership in Vinafood 2 is the Ministry of Agriculture and Rural Development (MARD).
Thereby, the prime minister authorised MARD to make decisions and build criteria for selecting strategic investors according to the relevant regulations.
