A worker is extracting latex from a rubber tree (Photo: VNA)

Hanoi (VNA) – Deputy Prime Minister Vuong Dinh Hue has approved an equitisation plan of the Vietnam Rubber Group (VRG).

The State will retain 3 billion shares, equivalent to 75 percent of VRG’s chartered capital of 40 trillion VND (1.76 billion USD) after equitisation.

The company will auction off more than 475 million shares, equivalent to 11.88 percent of its total chartered capital to the public.

Another 475 million shares will be offered to strategic investors while the remainder of offloaded shares will be sold to the group’s employees and trade union. 

VRG shares will be offered at an initial price of 13,000 VND (0.57 USD) each. The Ministry of Agriculture and Rural Development will represent the state ownership at the VRG.

The Prime Minister assigned the Minister of Agriculture and Rural Development to choose strategic domestic investors after the company’s public auction.-VNA