Vietnam’s leading automaker Vinamotor has been completely privatized after the transport ministry on Monday sold a 98 percent stake to a single buyer for more than VND1.25 trillion (US$55.65 million).
The new owner has not been revealed.
The Hanoi Stock Exchange earlier said that the only two legitimate suitors were Motor N.A Vietnam Ltd and TN Development Company, both based in Hanoi. The companies are investing in the auto as well as real estate and hospitality industries.
The ministry decided to offload its ownership at the company, which has been valued at more than VND876 billion ($39 million), in an IPO in March 2014. It only managed to sell a meager 1.8 percent stake.
The company posted VND633.2 billion in revenues and a pretax profit of VND79.4 billion in the first nine months of 2015, according to official data.