Real estate and retail giant Vingroup plans to sell 250 million private shares to a maximum of five foreign investors in the remaining months of the year.
The selling price is set at a minimum of 100,000 (4.30 USD) per share, valuing the deal at least at 25 trillion VND (1.07 billion USD).
Vingroup has 32.75 trillion VND in chartered capital, which is divided into 3.19 billion common shares and 84 million preferred shares.
Capital raised from the share issuance will be spent on developing its agriculture and technology sub-units (6 trillion VND), paying loans and interest (10 trillion VND) and providing additional capital for the parent company and subsidiaries (9 trillion VND).
By December 31, 2018, Vingroup had 289 trillion VND (12.46 billion USD) in total assets and 99 trillion VND (4.27 billion USD) in equity.
The upcoming share issuance is included in the company’s files and will be reported to shareholders at its annual shareholder meeting, the date of which is not yet known.
In August 2018, Vingroup sold 84 million preferred shares to Korean firm Hanwha Asset Management for 9.3 trillion VND (400 million USD).
The company has 3.19 billion common shares listed on the Ho Chi Minh Stock Exchange (HoSE:
VIC
).
The company’s shares lost 0.9 percent on March 13 to close at 117,500 VND per share.-VNA
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