The Viet Thang Textile Company will auction state shares to the public early next month. It will sell 2,800,000 state shares, or 20 percent of its total shares, in an initial public offering on Dec. 8 on the Ho Chi Minh City Securities Trading Center.
Ho Chi Minh City-based Viet Thang set a starting price for bids at 10,050 dong ($0.63) per share, which suggested the firm would be valued at $8.8 million.
Viet Thang, which did not provide shareholder details, has two ventures with South Korean and Russian partners in Ho Chi Minh City to produce yarn, fabric and jackets for export.Viet Thang was established in 1960 and is a member of the Vietnam National Textile and Garment Corp. It produces and trades fibre, towels, materials and machinery for the industry.
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