The Hanoitimes - Once completed the listing, the Ministry of Construction (MoC) would proceed with the divestment of its entire 54% stake in the company.
State-run ceramics and building material corporation Viglacera is scheduled to move its share listing from the Hanoi Stock Exchange (HNX) to the Ho Chi Minh City Stock Exchange (HoSE) in mid-February after receiving the HoSE’s approval, stated the firm.
With a par value of VND10,000 (US$0.43), the total value of the 448 million shares in subject is VND4.48 trillion (US$193.20 million). Once completed the listing, the Ministry of Construction (MoC) would divest its entire 54% stake in the company.
In 2018, the MoC was supposed to divest a 17.97% stake in Viglacera, however, the move failed to materialize due to unfavorable market conditions.
Viglacera posted s profit of VND606 billion (US$26.14 million) in 2018, exceeding the year’s target, and consolidated revenue of VND17 trillion (US$733.56 million).
Established in 1974 and undergoing privatization in 2014, Viglacera's charter capital has increased to nearly VND4.48 trillion (US$193.20 million) as of present. The Hanoi-based firm is Vietnam's largest producer of ceramics and tiles for construction, owning 10 factories, 22 subsidiaries and five affiliate companies, it claims.
Viglacera earned VND200 billion (US$9.3 million) from the IPO in late 2016, after which, the well-known ceramic producer targeted to list shares within one year.