A small Vietnamese power firm raised 117.11 billion dong ($7.3 million) by selling more than one third of its shares to the public, the Hanoi stock market said on Thursday.
Ninh Binh Thermal Power Company sold all 4,088,095 shares on offer, or 31.78% of the company, to Vietnamese investors at an auction on Wednesday, the exchange said in a statement. It did not disclose the identities of buyers.
The shares were sold at an average price of 28,648 dong ($1.78), nearly double the 15,000-dong initial price set for bidding, suggesting the firm was valued at nearly $23 million.
No foreign investors bought shares even though bidders sought to buy 11.58 million shares in the company, which operates a coal-fired power plant in the northern province of Ninh Binh, 90 km (55 miles) south of Hanoi.
Source: Reuters equity mekong capital vinacapital
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