Viglacera auctions 120mn shares

May 30, 2017 | 12:41 PM GMT+7

TheLEADERMay 29 auction attracts 1,026 investors, with sale price averaging VND16,175 ($0.71).

Viglacera auctions 120mn shares
Coded VGC, Viglacera is listed on the Hanoi Stock Exchange (HNX). Photo: Internet

The Vietnam Glass and Ceramics for Construction Corporation (Viglacera) put up 120 million shares for sale on May 29, attracting 1,026 investors; the highest number recorded at an auction in Vietnam since 2012, according to a report from the Vietnam News Agency.

The shares had an initial price of VND12,300 ($0.54) each, with the highest bid hitting VND17,300 ($0.76).

Bidders registered to buy more than 314.3 million shares; 2.62-fold higher than the total volume offered.

The auction ended with all shares being sold to 37 organizations and 13 individuals. Foreign investors acquired more than 109 million shares.

The sale price averaged VND16,175 ($0.71), bringing in over VND1.94 trillion ($85.36 million) to the corporation.

Coded VGC, Viglacera is listed on the Hanoi Stock Exchange (HNX).

The company holds a 40 per cent market share in construction glass, 12 per cent in sanitary ware, 5 per cent in ceramic tiles, and 3 per cent in bricks, according to a report from Bao Viet Securities.

Profit was VND242 billion ($10.7 million) in the first quarter of this year, exceeding its quarterly target by 69 per cent.