Viglacera to sell stakes to foreign investors

March 07, 2014 | 08:57

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Viglacera Corp., Vietnam’s biggest construction materials producer, plans to sell its stakes to strategic foreign investors to help triple its export revenue in the next five years.

Viglacera will sell stakes of 10- 20% each to three foreign strategic investors, Chairman Luyen Cong Minh told Bloomberg.

The State-owned company, which makes glass and tiles and exports to more than 40 countries, expects annual revenue from shipments to reach as much as US$100 million by 2019, from US$30 million.

“Foreign partners will help us increase the quality of products, creating favorable conditions for us to export to other markets as well as supporting domestic consumption,” Minh said.

Viglacera is still in talks over its own sale, part of an equitization process in which it raised about VND200.6 billion (US$9.5 million) in an initial public offering last month. The shares may be listed on the Hanoi Stock Exchange in the third quarter of 2015. The company, founded in 1974, plans to gradually reduce the state’s holdings to less than 51% from the current 75%.

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