Tien Phong Plastic Co (Tifoplast) will auction 99,200 shares with an initial price of 112,000 dong per share at 100,000 dong par at Hanoi Securities Transaction Centre on November 21.
The amount of shares auctioned accounts for 80% of the total 124,000 state shares. The target of selling the state-owned shares is to reduce the state equity from 51% to 37.22% of chartered capital, posting the employee ownership rate to 41.48% and other shareholders 21.3%.
Tifoplast specialises in manufacturing civil and technical plastic products serving for construction, industry and transport.
Tifoplast plans to join Hanoi Securities Transaction Centre by mid-2006. Some 196 investors have subscribed 315.450 shares.