Equitization of Viet Bac Mining Industry Corporation

Equitization of  Viet Bac Mining Industry Corporation - 

The Government’ Prime Minister has approved the project on equitization of the parent company -  Viet Bac Mining Industry Corporation - Vinacomin (Vietnam National  Coal  and Mineral Industries Holding Corporation - Vinacomin) with a form of combination between selling a part of  state capital and issuing coupons for increasing charter capital of the enterprise.

Accordingly, Viet bac Mining Industry –Vinacomin - JSC (VVMI) will inherit all rights, obligations and legal benefits of Viet bac Mining Industry –Vinacomin before its transformation; continue to carry out all the businesses Viet bac Mining Industry –Vinacomin is doing and other business activities in accordance with the Regulations of the Law.

The charter capital of the Corporation is VND 1,050 billion divided into 105 million of shares with a VND 10,000 value per share at the first issuing time.

The structure of the shares is as follow: state shares - 78,750,000 accounting for 75% charter capital, shares sold for employees in the enterprise with a prior price -3,626,500 accounting for 3.45% of charter capital, shares sold by open bidding – 22,623,500 accounting for 21.55% of charter capital.

Prime Minister authorized the Minister of Trade and Industry to decide the starting point price (floor level) for the first share bidding time and select the intermediary financial and stock exchange institutions for organizing to sell shares to the public.

The Representative Agency of the owner of the state capital part at VVMI is Vinacomin.

The total number of employees of VVMI at the moment defining enterprise value is 3,002 people and the total employees transferred to the VVMI- JSC is 2,618 people.

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