Vietnam's Petrolimex Petrochemical Company said on Wednesday it would raise US$18.6 million by auctioning 5 million new shares next month to boost its chartered capital.
"The starting prices for the bids have been set at VND60,000 ($3.7), or six times the share's face value," the official from the Hanoi-based company said Wednesday.
The firm, also known as PLC, will auction the shares on July 12 at the over-the-counter Hanoi stock market, the market said in a statement.
PLC, which produces and trades lubricant and bitumen, aims to sell another tranche of 5 million new shares next year to achieve its target to raise chartered capital to VND250 billion ($15.5 million) from VND150 billion now, the official said.
Its state-owned parent Petrolimex, which controls 60 percent of the country's oil product import and retail market, would reduce its stake in PLC to 51 percent by 2010 from 85 percent now, PLC's prospectus published on Wednesday said.
Last December the company listed all of its 15 million shares on the Hanoi stock market.
Shares of PLC closed at VND67,500 ($4.2) on Wednesday, down 2.88 percent, valuing the company at around $63 million.
Source: Thanh Nien
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