VRG’s charter capital is VND40 trillion (US$1.76 billion) of which the State holds 75 per cent equaling to three billion of shares. 475 million shares (11.88 per cent of charter capital) will be put in the public auction and offered to strategic investors. 49 million preferred shares (1.22 per cent of charter capital) and 830,769 shares (0.02 per cent of charter capital) will be sold to the Group’s employees and Trade Union, respectively.
The Ministry of Agriculture and Rural Development will represent the State ownership at the VRG.
The Prime Minister has authorized the Minister of Agriculture and Rural Development to approve criteria, make decisions and take responsibility for selecting domestic strategic investors after VRG conducts IPO (initial public offering).
The investors must not transfer VRG shares within five years. In case, the investors sell these shares after five years, the State will be given priority to buy them.
VRG must pay the annual land rental fee, manage and use land in accordance with the provisions of the Land Law and relevant laws. VRG must also settle any problems related to house and land (if any) before being officially converted into a joint stock company.
With respect to the plan for labor arrangement, at the date of announcing VRG’s value, VRG had the total of 43,614 employees of which 42,751 employees will be kept to work for VRG - Joint Stock Company.
