The Vietnam Dairy Products Company, or Vinamilk (VNM), would issue 18,050,475 shares and use the proceeds "to raise investment, expand production and business and restructure the firm's finance", the State Securities Commission said.
At Vinamilk's current market prices of $5.6 per share, its issue could bring in around $100 million.
Vinamilk shares fell 0.55 percent to close at 90,500 dong (5.6 USD) on Thursday, giving the firm a market value of nearly $897 million. That's one fourth of the Ho Chi Minh City's stock market capitalisation of $3.6 billion.
Vinamilk, Vietnam's largest listed firm, says its dairy products and beverages have a market share of 75 percent. It also deals in real estate and provides warehousing and transport services.
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