Vietnam's Petrolimex Petrochemical Company (PLC) raised $4 million from auctioning around 1 million new shares on Monday, the over-the-counter Hanoi stock market said.
The Hanoi-based firm had said it wanted to raise at least $18.6 million by selling 5 million shares, but investors bought only 1,096,500 shares at the auction at an average price of 60,250 dong, the market said in a statement.
Foreigners bought 754,500 shares, it said without giving a reason for the lower-than-expected sale.
The company, also known as PLC, produces and trades lubricants and bitumen.
It plans to sell another tranche of 5 million new shares next year to raise its chartered capital to 250 billion dong ($15.5 million) from 150 billion dong.
State-owned parent Petrolimex, which controls 60 percent of Vietnam'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 last month said.
Shares in PLC closed down 11 percent at 52,500 dong ($3.3) on Monday, valuing the firm at nearly $50 million.
Source: Reuters
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