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Viglacera seeks foreign investors

Update: September, 06/2014 - 08:56
A worker checks ceramic products made by Viglacera. The company is seeking foreign partners to assit its equitisation plans. — VNS/VNS Photo

HA NOI (VNS)— Ceramic building material producer Viglacera is seeking foreign strategic partners to assist in transforming the company to comply with equitisation plans, according to its chairman, Luyen Cong Minh.

Following Viglacera's initial public offering earlier this year, the State was holding more than 90 per cent of the shares in the corporation, but plans to reduce its ownership to 51 per cent in two phases, Minh said. In the first phase, shares would be sold to foreign investors, leaving the State with 75 per cent.

"Currently, investors from Japan, Singapore and Hong Kong, in the finance, construction material and real estate sectors, are interested in Viglacera shares," Minh told the Dau tu chung khoan.

Viglacera expects to increase its export turnover from its current 5 per cent to 20 per cent, noting that joining with foreign investors is crucial to the corporation. "Foreign shareholders will help us increase the quality of products, paving the way for improving exports," he added.

If the shares are bought at the average price of the IPO, it is estimated that the purchase will cost investors some VND500 billion (US$22.7 million).

Apart from Viglacera, Viet Nam's national carrier, Vietnam Airlines, also hopes to sell a 20 per cent stake to foreign investors.

With the expected IPO price of VND22,300 (about $1), Vietnam Airlines' capitalisation is estimated at some $1.4 billion. — VNS

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