State-owned film studio to launch IPO
31-03-2016 14:17:13+07:00
State-owned film studio to launch IPO
Vietnam Feature Film Studio (VFS) will offer more than 500,000 shares or 10.5 per cent stake in an initial public offering on April 4 at a price of VND10,200 (US$0.43) each.
Established in 1953 in Ha Noi, VFS was the largest state-owned film studio but due to the outdated technology used in the film industry, it has accumulated a VND39.6 billion loss to date.
Under the equitisation plan, VFS will have a charter capital of VND50 billion ($2.2 million), equivalent to 5 million shares. Of this, the State will retain 20 per cent of the stake, employees will hold 4.5 per cent of stake, public investors will hold 10.5 per cent of stake, and strategic investor Water Transport Corporation will hold the last 65 per cent.Currently, VFS has been using 6,400 square metres of land in Thuy Khue Street and Hoang Hoa Tham Street, in Tay Ho District, one of busiest shopping areas in the inner city and another 6,500sq.m of land in Dong Anh District in the suburbs of Ha Noi.
Besides making films, VFS planned to work in the restaurant industry after the equitisation.
