Cholon Investment and Import-Export Company, a state-owned food distributor and exporter, is set to sell 43.1 million shares, or a 49.84 percent stake, this March, news website Saigon Times Online reported Monday.
Half of the shares will be offered at its IPO on March 4 at the Ho Chi Minh City Stock Exchange and the other half will be sold to strategic partners, it said.
The Ho Chi Minh City-based company plans to sell its shares at a starting price of VND10,000 (45 cents). The plan is expected to help it raise a minimum of VND431.63 billion ($19.43 million).
Better known as Cholimex, the company owns a 40.72 percent stake in Cholimex Food JSC, the maker of a famous chili sauce product in Vietnam. It also develops industrial properties and produce garments.
At the end of 2014, the Saigon Times Online reported that its long-term assets were estimated at over VND807 billion.
Although its revenue declined nearly 11 percent to around VND300.86 billion ($13.54 million) last year, Cholimex saw a rise of nearly 30 percent in its profit, to over VND24.7 billion ($1.11 million).