Vietnam Rubber Group to float in second quarter of 2017

Thursday, 2017-03-02 04:52:24
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NDO - The Vietnam Rubber Group (VRB) plans to make an initial public offering in the second quarter of 2017, the firm’s general director Tran Ngoc Thuan has announced.

Due to its large capital, the company will sell only 25% worth VND10 trillion (US$440 million) in the initial phase.

The company said it is still looking for a strategic partner to sell shares in the second phase while shares in the first stage of equitisation will be sold to its managers and workers as well as the public.

According to Thuan, the criteria to select a strategic investor lie in its financial capacity and area of business which must be similar to that of the VRG.

He added that many investors have registered but they must be examined by the Ministry of Agriculture and Rural Development and the Prime Minister, therefore the list will be disclosed in the time ahead.

The VRG will be equitised at the same time with 20 subsidiaries.