Farmers take care of rubber sapplings (Photo: VNA)

Hanoi (VNA) – The Vietnam Rubber Group (VBG) will hold an initial public offering (IPO) in the second quarter of 2017, said General Director Tran Ngoc Thuan.

The State-run company plans to sell 25 percent of its capital, or 10 trillion VND (440 million USD), in the first stage.

According to Thuan, due to a huge amount of equitised capital, a list of strategic investors will be submitted to the Ministry of Agriculture and Rural Development and the Prime Minister for approval. 

The group’s shares will be sold to strategic investors in the second stage.

The VBG will equitise its 20 subsidiaries and four non-trade units.

In 2016, the rubber group successfully sold stakes in two subsidiaries, the Tan Bien and Ba Ria limited companies. It also estimated its own value, as well as that of its member companies.

On December 31, 2016, the VRG sold its stakes in 24 non-administrative units and collected more than 2.9 trillion VND (128.9 million USD).-VNA