Vietnam sugar refiner Sucrerie de Bourbon Tay Ninh, owned by Group Bourbon of France, has received approval to sell 25 percent of its shares to the public. The company would sell 28 million shares, or 20 percent of its shares, in an auction and 7.46 million shares, or 5 percent, to employees and sugar cane growers, the State Securities Commission said in a statement seen on Monday.
The auction by Bourbon Tay Ninh, which has a registered capital of VND1.4 trillion (US$87 million), would be held by October 6, the statement said.
Parent company Group Bourbon said in April it had sold 24 percent of the sugar refiner's shares for €36 million ($48 million) to Vietnamese investors including dairy product maker Vinamilk , confectionery maker Bibica and investment funds including Vinacapital.
It aimed to raise €32 million ($43 million) from the share auction, suggesting a price of about €1.14 ($1.54) each, or 2.5 times their face value.
Group Bourbon has said it would retain a 51 percent stake in the company for the next three years.
The company, based in the southern province of Tay Ninh, refines sugar and generates electricity from sugarcane waste to serve its refineries.
Source: Thanh Nien
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