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VEFAC to sell 16.27 million shares during IPO
The Vietnam Exhibition Fair Centre Co. Ltd. (VEFAC) will auction nearly 16.27 million shares during its initial public offering (IPO) on March 20, the Ha Noi Stock Exchange has announced.
According to the local press, Prime Minister Nguyen Tan Dung has directed the company to retain the current State equity and issue more shares to increase its charter capital, as part of a plan to privatise the firm.
VEFAC's total equity is expected to surge from VND166.6 billion (US$7.93 million) to nearly VND1.67 trillion ($79.52 million) after the equitisation.
Of the total equity, 90 per cent will be offered to the public, with 80 per cent reserved for a strategic investor, possibly a leading property developer in Viet Nam.
Within three years of its equitisation, the company will spend the current equity on business activities related to exhibitions and fairs. It also plans to use the additional amount for new property investments.
The new investments are being projected by the Government as part of a national exhibition and fair centre. They include building an "exhibition city" Nhat Tan–Noi Bai in Ha Noi's Dong Anh District, and a 68,380 square-metre trade, services and cultural complex, named Giang Vo, in the Ba Dinh District.
Me Tri, a trade, tourism and culture park will also be constructed in the south-west of the capital and will cover an area of about 126 hectares.
VEFAC Deputy General Director Nguyen Danh Thuan stated on the company's website that the firm is recruiting more employees to facilitate the implementation of these projects.
The State-run company was established in 1974 and is headquartered in Giang Vo Street. It has taken part in the SEA Games events, in addition to industrial and trade fairs.
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