Song Cong project to sell 15.9m shares

About 15.9 million shares of the Song Cong I Industrial Zone construction and infrastructure project will be sold at an initial public offering (IPO) by the Ha Noi Stock Exchange.

The starting price of the IPO, to be held on December 9, is VND10,000 (US$0.44) each.

The project, belonging to the Thai Nguyen Industrial Zone Infrastructure Development One Member Liability Company (TIZD) in the northern Thai Nguyen Province, specialises in leasing industrial land. In the first six months of this year, the company earned VND7.1 billion ($315.6 million) in revenue.

After the equitisation, TIZD is expected to have VND300 billion in charter capital. The state will hold 14 million shares or a 46.4 per cent stake, while the employees will be allowed to buy 153,300 shares, or 0.5 per cent of the charter capital.

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