MARD to sell stake in corn company

March 28, 2017 - 17:00

The Ministry of Agriculture and Rural Development will offload all its stake in the Việt Nam Corn Investment and Development Joint Stock Company on April 25 at the Hà Nội Stock Exchange.

The Ministry of Agriculture and Rural Development will auction all its stake in the Việt Nam Corn Investment and Development Joint Stock Company at the Hà Nội Stock Exchange. — Photo aseanexchanges.org

Viet Nam News

HÀ NỘI — The Ministry of Agriculture and Rural Development will offload all its stake in the Việt Nam Corn Investment and Development Joint Stock Company on April 25 at the Hà Nội Stock Exchange.

Specifically, the ministry will sell nearly 1.2 million shares, equivalent to 36 per cent of the company’s chartered capital, at the initial price of VNĐ11,266 per share, the stock exchange announced.

The divestment is expected to earn VNĐ 13.4 billion (US$595,500) for the ministry.

Located on 231 Nguyễn Thái Học Street in the city’s Đan Phượng District, the company specialises in producing corn seed and importing and exporting corn products.

According to its audited financial report, in 2016, the company earned VNĐ 11.6 billion in profit after corporate income tax, representing a year-on-year increase of 3.5 per cent.

As planned, the ministry will conduct an Initial Public Offering for the Việt Nam Rubber Group and the Southern Foodstuff Corporation in the second and third quarter of the year. — VNS

Tags IPO equitisation MARD Corn Investment and Development Joint Stock Company

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