The Bourbon Tay Ninh Sugar Joint Stock Company (SBT) will auction 49% of its shares next month.
3% of the total 70 million SBT shares will be sold exclusively to local cane farmers and 2%, to SBT staff, said SBT General Director Philippe Lombard.
Under the company's equitisation plan, SBT will retain 51% of the stake or 72.8 million of the total 141.9 million shares worth 1.4 trillion VND (approximately 104 million USD).
The company has so far signed contracts to transfer 24% of its chartered capital to 17 partners, including Vinamilk, Kinh Do, Bibica and VinaCapital.
SBT was set up in 1995 as a joint venture between the Bourbon Group of France and two Vietnamese partners, with the French group representing a 70% stake of the 28.5 million USD in chartered capital and its 95 million USD investment capital.
In 1998, the company increased its chartered capital to 39.5 million USD and its investment capital to 111 million USD.
After Bourbon acquired the two partners’ stake in 2000, capital then grew to 112 million USD and 113 million USD, respectively.
In March 2007, SBT received a licence from Tay Ninh provincial authorities to become a joint-stock company.
The company specialises in making refined sugar, producing power from sugarcane waste to serve its production lines and providing sugarcane cuttings.
It hauled in over 193 billion VND (11.8 million USD) from the 2006-07 sugarcane crop.
Source: VNA
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