Vietnam Rubber Group prepares for equitization

The equitization project of Vietnam Rubber Group (VRG) was approved yesterday by the company’s unusual conference of worker delegates in HCMC yesterday.
The real value of VRG including the parent company, 20 agricultural subsidiaries and four public service units is over VND49 trillion (US$2.16 billion).
VRG director general Tran Ngoc Thuan said that the group has agreed to submit the equitization project to the Prime Minister with the selling price of VND13,000 per share and the auction will be organized at the HCMC Stock Exchange.
VRG shares will be sold to rubber farming workers and households and labor unions with the selling price accounting for 60 percent of the lowest successful auction price. They will also be sold to eligible workers with the price equal to the lowest successful auction price.
Over 475 million shares, accounting for 11.8 percent chartered capital, will be publicly offered for sale. In addition, another number of shares with the same chartered capital value will be sold to strategic investors.
VRG proposed to complete the share auction within three months after the equitization project is approved.

By CONG PHIEN – Translated by Hai Mien

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