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Vietnam construction ministry to start divesting stake at Viglacera in June
Ngoc Thuy 18:45, 2018/06/23
The Ministry of Construction (MoC) has decided to reduce its holding in ceramics and building material corporation Viglacera from 53.97% to 36% starting this month, announced the ministry.
The transaction is scheduled from June 27 to July 21 on the Hanoi Stock Exchange (HNX). 
 
Illustration photo.
Illustration photo.
Under the equitization scheme approved in May, the MoC will offload 17.97% stakes or 80.5 million shares via competitive bidding. Once completed, the ministry is expected to retain 36% stakes in Viglacera, equivalent to 161.4 million shares. 

The auction price will be the average of the prices recorded in the last 30 trading sessions prior to the bidding date, but not lower than VND26,100 (US$1.14) apiece. At this price, the state expects to earn at least VND2.1 trillion (US$92.4 million) from the sale. 

Viglacera' share, however, was traded at price of VND21,400 - VND 25,000 (US$0.94 - US$1.09) per share last month, which is lower than the minimum price set by the MoC. 

Established in 1974 and equitised in 2014, Viglacera's charter capital has increased to nearly VND2.65 trillion (US$118.3 million) over the years. The Hanoi-based firm is Vietnam's largest producer of ceramics and tiles for construction, owning 10 factories, 22 subsidiaries and five affiliate companies, it claims. 

Viglacera earned VND200 billion (US$9.3 million) from the IPO, after which, the well-known ceramic producer targeted to list shares within one year.

In the first quarter this year, Viglacera's revenue stood at VND1.83 trillion (US$80.5 million), down 10% year-on-year, while after-tax profit at VND103 billion (US$4.53 million), down 3% year-on-year.

In 2018, Viglacera set revenue target of VND9.1 trillion (US$399 million) and pre-tax profit of VND950 billion (US$41.65 million).
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