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Vietnam gov't to sell 49 pct stake in farm machinery company

VEAM Corporation, one of the biggest companies owned by the Ministry of Industry and Trade, is set to sell a 49 percent stake starting this month.

The Vietnam Engine and Agricultural Machinery Corporation, as it is formally known, will auction more than 167 million shares, or a 12.57 percent stake, in an initial public offering August 29.

With a starting price of VND14,290 (62.7 US cents) per share, the auction is expected to raise at least VND2.38 trillion ($ 104.65 million).

After that VEAM will sell 478 million shares, or 36 percent, to strategic partners, according to media reports.

The corporation currently has stakes in 20 companies, including 30 percent in Honda Vietnam, 25 percent in Ford Vietnam and 20 percent in Toyota Vietnam.

It reported a net profit of more than VND857 billion ($ 37.62 million) in 2014, a five-fold increase from 2013.

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Business | Thanh Nien Daily

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