State raises holding percentage in VNsteel to 94pct

The state will keep 636.8 million shares (93.93 percent) of the total stakes of VnSteel following the decision issued by the Prime Minister on adjusting the chartered capital of VnSteel, said Deputy Prime Minister Vu Van Ninh in a recent directive.

The employees and the company trade union will be able to buy over 1 million shares (0.16 percent) each.

Meanwhile, VnSteel has already auctioned over 39 million shares, accounting for 5.76 percent of the chartered capital, for outsiders.

Under the old capitalization method, VnSteel had a chartered capital of VND6.8 trillion, VND6.12 trillion (90 percent) of which was owned by state-owned enterprises.

The total value of those shares offloaded to trade union organization was posted at VND10 billion (0.149 percent).

The corporation also held an auction session to offer shares for outside investors with total share value of VND659.8 billion (9.7 percent).

Therefore, in comparison with the previously approved method, the total holding ratio that the state will keep has increased by 3.93 percent of the chartered capital while the holdings of the outside investors has been reduced by 4 percent.

At its initial public offering (IPO) on June 10, VnSteel sold out 39.15 million shares (59.3 percent) out of the registered volume of 66 million shares with an initial price of VND10,100 per share, bringing in VND395.46 billion.

Source Tuoitrenews

Tags: Vnsteel