The Tay Ninh Rubber Co. said in a statement it would sell 27.96 percent of its stock, in an initial public offering on Dec. 14 as part of its partial privatisation, not saying, how many shares would remain in state ownership after the auction. The starting price for bids is set at 18,300 VND (1.14 US$) per share, which suggests a company value at $34.2 million.
The company is based in the southern province of Tay Ninh bordering Cambodia and the first of Vietnam's 60 rubber producers to go public.
Natural rubber is Vietnam's second-largest foreign exchange earning farm product after rice. So far this year, rubber exports have surged 76.5 percent from the same period last year to 1.2 billion US$. Vietnam, the world's fourth-largest rubber exporter after Thailand, Indonesia and Malaysia, aims to expand its rubber area to 550,000 hectares by 2010, including 50,000 hectares in Laos, from 480,000 hectares now.
Source: Reuters
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