Vietnam Urban and Industrial Zone Development Investment Corporation. (Photo: IDICO)

Hanoi (VNA) – Prime Minister Nguyen Xuan Phuc has approved a plan to equitise the State-run Vietnam Urban and Industrial Zone Development Investment Corporation (IDICO) which has chartered capital of 3 trillion VND (132 million USD).

Under the plan, IDICO will sell 300 million shares at face value of 10,000 VND each.

The government will retain 36 percent of total shares, or 108 million, while the corporation’s employees will be offered 0.56 percent of shares, or more than 1.69 million.

Some 45 percent, or 135 million, will be sold to strategic investors while the remaining, 18.44 percent, will be put up for public auction.

The PM assigned the Ministry of Construction to fix the initial public offering price of the shares and amend the chartered capital structure if necessary.

The ministry was asked to transfer the ownership of State shares in the company to the State Capital Investment Corporation.

The government plans to divest entirely from IDICO by December 31, 2018. The company expects to issue new shares to raise capital in the future.-VNA