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State-run firm becomes joint-stock company

Update: July, 03/2014 - 08:57
Workers install a glass wall, produced by Viglacera Corp, for a building. — Photo vigalacera

HA NOI (VNS)  — Viglacera Corporation, a State-run building material manufacturer and real estate investor, became a joint-stock company yesterday.

The change, expected to create more advantageous conditions for company development, was announced at its shareholder meeting in Ha Noi on the same day. The privatisation plan was approved by Prime Minister Nguyen Tan Dung last December.

According to the Ministry of Construction's Decision No 716/QD-BXD, dated June 24, 2014, on the equitisation, Viglacera has a charter capital of VND2.645 trillion, or US$125.95 million. The firm will make an initial public offering of 264.5 million shares, with a face value of VND10,000, or $0.48, per share.

The State will hold 91.48 per cent of the total equity, while 0.55 per cent will be offered to the company's employees, and 7.97 per cent will be reserved for other shareholders.— VNS

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