The Hanoi Stock Exchange (HNX) has announced the results of registrations to purchase Viglacera Corporation (VGC) shares at auction. There will be 1,026 investors participating in the auction, including 78 institutional investors and 948 individual investors.

The total volume of shares registered to purchase was 314.33 million; 2.6-times higher than the 120 million offered. Seventy-eight institutional investors registered to buy 247 million shares and 948 individual investors registered to buy 67.29 million shares.

The auction will be held at 8.30am on May 29 on HNX. The starting price is VND12,300 ($0.54) per share, equivalent to a total value of about VND1.5 trillion ($66 million).

Viglacera has 307 million outstanding shares (equivalent to charter capital of VND3.07 trillion ($135.3 million)) and has listed 65 million on HNX. At the close of trade on May 23, VGC was priced at VND17,400 ($0.77). 

The number of shares offered for sale at this time is equivalent to 39 per cent of total outstanding shares.

Viglacera’s Management Board said that the company would issue an employee share ownership plan (ESOP) in October, expected at 5 per cent. 

The shareholding of the Ministry of Construction will therefore only be about 54 per cent by the end of this year. 

By 2019, Viglacera will increase its capital by VND259 billion ($11.4 million), to VND4.74 trillion ($208.9 million), reducing State ownership to 51 per cent.

According to its consolidated business results for the first quarter of this year, Viglacera recorded after-tax profit of VND199 billion ($8.8 million); almost double the result in the first quarter of last year.

VN Economic Times