Protrade Corp. looking for strategic foreign investor
Protrade Corp. looking for strategic foreign investor
Binh Duong Producing and Trading Goods Corporation (Protrade Corp.), the third largest state-owned firm in the southern province of Binh Duong that owns numerous industrial parks, will offer 40 per cent of its stakes to a strategic foreign investor.
This is part of Protrade Corp.’s approved equisation plan.
Notably, the company will offer 30 million shares for sale, equalling 10 per cent of its stakes, at its initial public offering (IPO) with the initial price of VND12,000 ($0.53).
The auction will be conducted on March 28, 2018 at the Ho Chi Minh Stock Exchange. Any organisation and individual satisfying the conditions stipulated by Protrade Corp.’s regulations on public share auction can join.
After conducting its IPO, Protrade Corp. will put 119.7 million shares, equalling 39.91 per cent of the stakes, on sale to strategic investors.
Protrade Corp also published the following criteria for strategic investors:
Interested investors, either domestic or foreign firms, have to be operating for at least ten years in one of the following sectors: garments and textile, wood processing or real estate. Besides, interested investors must have the financial potential to promote the development of Protrade Corp.
Furthermore, after the deal ends, the strategic investor will not be permitted to transfer the bought stake for at least five years after Protrade Corp. receives the business registration certificate.
The offering price to strategic investors will be equal to the minimum successful bidding price.
Established in 1982, Protrade Corp. operates in the garment and textile, agriculture, wood processing, paper manufacturing, golf services, and real estate sectors. It currently owns numerous subsidiaries and member companies, including Song Be Golf Resort, Hamornie Golf Park, Hanh Phuc International Hospital, Truong Thanh Furniture Corporation, and FrieslandCampina Vietnam (the joint venture manufacturing the Dutch Lady milk brand in Vietnam), among others.
Besides, it manages a series of industrial zones (IZs), including Protrade International Tech Park, VSIP II Open IZ, as well as Song Than 3 and Dat Cuoc IZs.
In 2017, Protrade Corp. reported a net revenue of VND2.2 trillion ($96.63 million) with an after-tax profit of VND115 billion ($5.05 million), up 21.8 in net revenue and a 5.4-fold increase in after-tax profit on-year.
