Ministry sells 23.7 million shares on April 29.
The Ministry of Agriculture and Rural Development (MARD) sold over 23.7 million shares in the Vietnam Livestock Corporation (VLC) on April 28, bringing in almost VND400 billion ($17.9 million).
With a starting price of VND14,200 ($0.63) per share, 118 investors (eleven institutional and 107 individual investors) attended the auction, registering to purchase more than 57.5 million shares.
The highest bid was VND20,000 ($0.89) per share. All MARD shares were sold to the 118 investors at an average price of VND16,636 ($0.74).
Post-equitization VLC’s charter capital will be VND631.01 billion ($28.3 million), with 63.1 million shares sold at its first IPO. All have been trading since October 2015 on the Unlisted Public Company Market (UPCoM) market on HNX.
MARD is the largest shareholder of VLC, with 77.59 per cent of the company’s capital, or 48.96 million shares. The shares sold on April 28 account for 37.59 per cent of VLC’s capital.
VLC owns 51 per cent of shares in the Moc Chau Dairy Cattle Breeding Joint Stock Company and 91.03 per cent in the Central Region Livestock Breeding Joint Stock Company. It also holds from 22 per cent to 40 per cent of voting right at 15 other companies.
In 2015 VLC’s pre-tax profit was VND200.2 billion ($8.98 million), a 39 per cent increase compared to 2014.