Minerals Holding Corporation to sell 25 per cent of shares.
The Minerals Holding Corporation (Vimico), a State-owned enterprise in exploring, exploiting, processing, and trading minerals, as well as researching technology in mineral fields and with businesses in transport, hotels, and tourism, has announced plans to equitize at an as yet unspecified time.
A subsidiary of the Vietnam National Coal - Mineral Industries Holding Corporation (Vinacomin), Vimico has charter capital of VND2 trillion ($93.28 million) in 200 million shares, the value of each share being VND10,000 ($0.47). A public auction will be held to sell 46.68 million shares (23.45 per cent), while 3.32 million shares (1.66 per cent) are to be sold to employees. After the equitisation the State will hold 150 million shares (75 per cent). Shares will be listed on the stock market after various conditions are met.
The Minister of Industry and Trade will direct Vinacomin in determining a starting price for the share sale, in selecting a financial institution and stock exchange for the auction, and in implementing the share sale.
According to Mr. Nguyen Tien Manh, Vimico’s General Director, it will strive for growth, efficiency, and sustainability and expects to double its revenue every five years after equitisation.
The company’s revenue in the first six months of 2014 was VND1.9 trillion ($88.635 million), reaching 51.8 per cent of the annual plan.