Que Huong share auction oversubscribed

Investors snapped up shares of the Que Huong Liberty Hotel chain at an auction on August 11.

Que Huong offered 248,945 shares worth 28.5 billion dong (US$1.8 million) but the volume registered by 40 individual and institutional investors was oversubscribed two times.

Que Huong, a unit of state owned Saigontourist Holding Co, set a reserve price at 105,000 dong per share, 5,000 dong higher than the face value, while the winning bids by 29 investors ranged from 115,000 dong to 145,000 dong.

Five foreign institutions wanted to buy 60,000 shares for 105,000 dong each and 99,000 shares for 115,000 dong but they could acquire only 38,133 shares for 115,000 dong a share.

 

Category: Business