Savina offloads more than 16m shares in IPO
Savina offloads more than 16m shares in IPO
Vietnam Book Corporation (Savina) offloaded more than 16.7 million shares, or a 24.6 per cent stake, in its initial public offering on March 24 in Ha Noi.
According to Ha Nội Stock Exchange, which organised the auction, the shares were sold for an average VND13,072 each. Savina got VNĐ218.7 billion from the IPO.
Earlier this month, Savina took property developer Vingroup, which has a 65 per cent stake in the book company, as its strategic investor. Savina sold more than 44 million shares to Vingroup at VND10,700 each. Thus, Vingroup will pay VND472 billion to own the major stake in the company, located in the prime area of Trang Tien Street.
The state has only a 10 per cent stake after the equitisation.Savina is also managing more than 15,000sq.m of land in five lots in the city, of which, two lots of more than 3,300sq.m are in located in the prime area of Hai Ba Trung Street, next to Trang Tien Plaza.
Vingroup acquired a major stake in 2015 in another state-owned firm, the Vietnam Exhibition and Fair Centre (VEF), which owns prime locations in Giảng Võ Street. After three months of listing on the local unlisted market, the VEF share value increased from VNĐ10,000 to VND60,000.
