State to retain 51% stake in Becamex
State to retain 51% stake in Becamex
The Investment and Industrial Development Corporation (Becamex IDC) will offer a 25 per cent stake or 329.25 million shares to strategic investors at the upcoming initial public offering (IPO).
It is one of the contents in the corporation’s equitisation plan approved by the Prime Minister Nguyen Xuan Phuc, which retains the State capital and issues additional shares to raise capital.
Becamex IDC has a chartered capital of VND13.17 trillion (US$580 million), equivalent to 1.317 trillion shares.
More than 670 million shares belong to the State, accounting for 51 per cent of the corporation’s charter capital.
Another 23.63 per cent stake will be sold to the public and the remaining 0.37 per cent to the company’s employees.
The Prime Minister authorised the head of southern Binh Duong Province’s People’s Committee to decide the initial price for the sales and adjust the charter capital structure in case the shares cannot be sold to investors. The initial public offering must be in accordance with the law.
The chairman of provincial People’s Committee is also responsible for setting the criteria for the selection of Becamex IDC’s strategic investors.
Becamex IDC was established in 1976 and now focuses on investment and development of industrial, residential, urban and transportation infrastructure.
Currently, the corporation has 28 subsidiaries and joint efforts in areas of securities, finance, insurance, banking, and construction, as well as trading, real estate, services, telecommunication and information technology, besides concrete production, construction materials, mining, pharmaceuticals, healthcare and education.
The company owns four major industrial parks, including My Phuoc Residential and Industrial Park, Viet Nam–Singapore Industrial Park, Bau Bang Residential and Industrial Park, and Binh Duong New Township of Industry, Service and Residential.
