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Ha Noi's People Committee sells entire Traphuco stake
Ha Noi's People's Committee yesterday auctioned its entire rights to purchasing shares in Tran Phu Electric Mechanical Co Ltd (Traphuco) at the company's upcoming share release on the Ha Noi Stock Exchange.
More than 5 million share purchase rights were successfully sold to four investors at an average price of VND58,575 (US$2.74), 3.4 times higher than the starting price of VND17,200 ($0.80), the northern bourse reported.
Traphuco plans to issue shares to raise its charter capital from VND78.4 billion ($3.7 million) to VND156.8 billion ($7.3 million). These shares will be offered to existing shareholders at a rate of 1:1.
Nineteen investors, including 2 institutions and 17 individuals, registered to buy a total volume of nearly 37 million purchase rights. The highest bid price was VND90,000 ($4.21) while the lowest was VND17,800 ($0.83).
The city's People's Committee earned VND298.5 billion ($14 million) from the sale.
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