VGC to auction 120 million shares next month

Viet Nam’s largest producer of construction ceramics and tiles Viglacera Corporation will auction 120 million shares on May 25.

The starting price for the shares is VND12,300 per share. Viglacera expects to receive VND1.5 trillion from the auction.

The income from the share auction will be spent on different business projects, including construction to expand the Yen Phong Industrial Zone.

Viglacera has total 307 million outstanding shares, equal to VND3.07 trillion in chartered capital. More than one-fifth of Viglacera’s shares are listed on the Ha Noi Stock Exchange under code VGC.

In 2017, Viglacera will issue shares based on the employee stock ownership plan at a rate of five per cent.

Viglacera expects to reduce State ownership in the company to 54 per cent by the end of 2017 and 51 per cent in 2019.

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