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Electrical equipment firm to make IPO

Update: August, 12/2010 - 10:13

HA NOI — Viet Nam Electrical Equipment Corporation will auction 15.69 million shares in an initial public offering.

The shares represent a 11.21-per-cent stake of the corporation's charter capital; the State will retain 85 per cent and the corporate union 3 per cent.

The remaining 1.1 million shares will be sold to employees.The IPO will be executed in the Ha Noi Stock Exchange.

A corporation official said Government approval was received on Tuesday.

The corporation, estabilished in 1991, has a charter capital of VND1.4 trillion (US$71.8 million). It focuses on producing and selling electrical products and materials for the electrical industry.

The Goverment also appointed the Ministry of Industry and Trade to support the corporation's disclosure, appraise the offering price and assign representatives to oversee the State's stake.

Earlier this month, the BIDV Insurance Company sold all 11.5 million shares in its IPO at an average VND11,225 per share. A representative of the Ha Noi Stock Exchange said particular IPO was a success considering the gloomy market.

BIDV Insurance IPO was also the second biggest auction in volume ever next to the auction of Bao Viet Holdings in 2007. — VNS

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