The Vietnamese government plans to sell part of its 87.3% stake in Danang Steel Co. via a share sale that opens March 16 which will raise about VND23.76 billion (1.5mio US$), the company said.
A total of 2.37 million shares, making up 57.3% of Danang Steel’s existing share capital, will be sold, the company said in a statement released Monday.
The shares will be offered to local and foreign investors at VND10,010 each. Foreign investors can hold a maximum of 30% in the company post-sale, the company added.
After the sale, the state will have a 30% stake in the company, and employees will have 9.1%.
In 2006, the company, which produces various steel products, reported a wider loss of VND14.95 billion on revenue of VND121.91 billion, compared with a loss of VND12.88 billion and revenue of VND158.53 billion in 2005.
Source: Thanh Nien
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