British fund manager Dragon Capital won most shares in the auction earlier this week of HCMC-based Cotec Construction Joint Stock Company, or Coteccons, at a price 22 times higher than face value, according to the market regulator.
Coteccons auctioned its 9.11% stake of the state, or 54,200 shares at a face value of VND100,000 each on the HCMC bourse.
The fund manager bought more than 53,000 shares at VND2.2 million each while an individual investor claimed 1,000 shares at VND2.3 million per stock.
The auction attracted 20 institutions and 174 individuals registering to buy 332,000 shares – which were oversubscribed by six times.
After the auction the state still holds a 10% stake of the firm, while 60% is held by staff, and the balance by outsiders.
Coteccons plans to increase its chartered capital to VND120 billion this year from the current VND59.5 billion and to VND500 billion by 2010.
It also expects to list on the stock market this year.
The company is cooperating with partners to implement two projects, namely VND800 billion residential buildings in Saigon South and the VND1.5 trillion complex of a trade complex near the Tan Son Nhat International Airport.
Dragon Capital Group is an investment banking institution with an exclusive focus on Vietnam’s capital markets. Established in 1994, the group is now the largest and most experienced asset manager in Vietnam with total group assets in excess of US$2 billion.
Source: Thanh Nien
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