Hanoi (VNA) - TienPhong Plastic Joint Stock Company (Tien Phong Plastic) may allow total foreignownership of its capital instead of the current 49 percent.

The final decision will bemade at the company’s extraordinary shareholders meeting, scheduled forNovember 30. The management board will need to obtain approval of 65 percent ofshareholders for the change.

The plan came after thecompany announced the Thai plastic producer Nawaplastic Industries (Saraburi)Co Ltd offloaded its 21.27 million shares or 23.84 percent ownership in theVietnamese plastic firm on the stock market (traded under the code NTP) betweenSeptember 25 and October 12.

Tien Phong Plastic istrading its 89.2 million shares on the Hanoi Stock Exchange for 69,000 VND (3.06USD) to 71,900 VND per share during the September 25-October 12 period.

That means the Thai-basedplastic producer sold its share for 1.46 trillion VND (roughly 65 million USD),triple its initial investment in 2012.

The State CapitalInvestment Corporation (SCIC), which represents the Government to monitor theState’s capital in Tien Phong Plastic, remains the biggest shareholder with a37.1 percent stake.

During the 14-trading-dayperiod, there were many put-through trading transactions for Tien PhongPlastic’s shares with volume ranging from one to nine million and share pricevarying between 69,300 VND to 71,800 VND per share.

The identity of the largestbuyer has remained confidential, however, it is believed that a foreigninvestor is buying up the shares.

NTPclosed on October 19 at 73,000 VND per share, having increased by a quartersince its one-year low of 57,600 VND per share in early March.

During the five-yearinvestment period, Saraburi received around 173 billion VND worth of dividendpayouts from the Vietnamese firm. After Saraburi completed withdrawingfrom Tien Phong Plastic, the two representatives of the Thai company on October17 asked for the resignation of the Vietnamese firm’s management andsupervisory boards.

Tien Phong Plastic willalso discuss the restructuring of the firm’s management and supervisory boardsat the upcoming shareholder meeting. The company also plans to make a 15 percentadvance dividend payout for 2017 performance on November 29.

In the third quarter of2017, Tien Phong Plastic recorded nearly 161 billion VND in its pre-tax profit,a yearly increase of 83.3 percent.

In nine months, the companyearned total 363 billion VND in pre-tax profit, an annual rise of 27.6 percent.-VNA