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COMA to sell 30% to strategic investors

Released at: 11:39, 01/04/2016

COMA to sell 30% to strategic investors

Bidding documents released for IPO of the Construction Machinery Corporation, with the State to retain a 51% holding.

by Hung Nguyen

The equitization management team at the Ministry of Transport has announced bidding documents for the initial public offering (IPO) of the Construction Machinery Corporation (COMA).

There will be 5.34 million shares (15.26 per cent of charter capital) sold by bidding. Another 10.5 million shares (30 per cent) will be offered to strategic shareholders and 1.3 million shares (3.74 per cent) for COMA employees, while the State will retain 17.8 million shares (51 per cent).

COMA expects to have charter capital of VND350 billion ($17.5 million) post-IPO.

The offering to strategic investors will be conducted via direct put through. COMA is permitted to have a maximum of three strategic investors and the sales price must not be lower than the minimum successful bidding price.

By 2018 the State’s holding is to fall to 40 per cent under the equitization plan approved by the Prime Minister.

Photo: COMA

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