Government to retain 65% in Vinafood 2 after equitisation

September 07, 2016 | 08:50

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The Viet Nam Southern Food Corporation (Vinafood 2) plans to equitise, selling a 35 per cent share to strategic investors and employees, Huynh The Nang, its general director, said.

The Viet Nam Southern Food Corporation (Vinafood 2) plans to equitise, selling a 35 per cent share to strategic investors and employees. - Photo baodatviet.vn

Vinafood 2 is valued at nearly VND5 trillion (US$224.2 million) and the Government will retain 65 per cent after equitisation, he said.

The company has chosen a strategic investor from five who wanted to invest in it, he said.

The equitisation plan has been submitted to the Government, and the company expects to get the green light by the end of this month or early next month, he said.

After getting the approval, efforts would be made to turn it into a joint stock company within three months, he said.

After two straight years of losses the country's major rice exporter cut costs and was restructured, and last year it turned things around to earn a profit of over VND150 billion ($6.72 million), he added.

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