Hanoi (VNS/VNA)♐ - The domestic stock market is set to witness a major event, with Becamex IDC preparing for a substantial stock auction that is expected to be the largest in Vietnam's history.
Becamex IDC plans to offer 300 million shares with a starting price of 69,600 VND per share (2.74 USD), aiming to raise over 20.88 trillion VND. On February 10, the company shares were trading at 70,900 VND per share.
The sale will be conducted through a public auction on the Ho Chi Minh Stock Exchange (HoSE). The auction is scheduled to take place within a 90-day window that starts on February 3. The SSI Securities Corporation is the sole advisor for this transaction.
Becamex IDC's auction was certified by the State Securities Commission of Vietnam (SSC) and aims to attract individual and institutional investors, both domestic and foreign.
As of February 7, foreign investors will be allowed to purchase 31.77% of the Becamex shares.
The proceeds from the auction will be allocated for investments in key projects, such as industrial zones like Cay Truong and Bau Bang, expanding the capital of affiliated companies and financial restructuring involving bond repayments and bank loans.
Becamex IDC, established in 1976, has become a reputable brand in investment and infrastructure development, focusing on industrial zones, residential areas, urban areas and transportation infrastructure.
The largest shareholder of Becamex IDC is currently the People's Committee of Binh Duong province, holding 95.44% of the shares. If the auction of 300 million shares is successful, the State's ownership in Becamex IDC will decrease to 74%.
In May 2024, the Prime Minister issued Decision No. 426 approving the reduction of State capital in Becamex IDC from 95.44% to 65% by the end of 2025, providing the basis for the State to divest and reduce ownership in this enterprise./.
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