Government on track to divest from livestock company

Thanh Nien News

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The agriculture ministry has raised nearly VND395 billion (US$17.73 million) from selling nearly half of its stake in the Vietnam Livestock Corporation, which owns shares in 17 farm businesses around the country.
No foreign companies took part in the oversubscribed auction Thursday when 118 investors sought to buy nearly twice the number of shares offered.
More than 23.7 million shares were sold, equivalent to 37.59 percent of the shares of company, better known as Vilico.
The ministry has also concluded a deal to sell the remaining 40 percent to Hanoi-based Viet New Spring Corporation for more than VND358.4 billion ($16.08 million).
Saigon Securities Incorporation's SSI Asset Management owns 12.12 percent of the company.
Vilico, which owns 51 percent of one of Vietnam's major dairy firms, Moc Chau, made its initial public offering in 2013 before listing on Hanoi's UpCom market last October.
It reported pre-tax profits of VND200.2 billion ($8.98 million) last year, up 39 percent from 2014.

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