SFC wants to buy more than 30 per cent of Foodsaco

Sài Gòn Fuel Joint Stock Company (SFC) registered to buy over  九. 七 million shares, or nearly  三 三 per cent, of stakes in HCM Food One Member Company (Foodcosa) when the firm auctioned its shares in an initial public offering this week. — Photo vietstock.vn

HCM CITY — Sài Gòn Fuel Joint Stock Company (SFC) registered to buy over  九. 七 million shares, or nearly  三 三 per cent, of stakes in HCM Food One Member Company (Foodcosa) when the firm auctioned its shares in an initial public offering this week.

According to the HCM City Stock Exchange, which will organize the auction, the shares are to be offered on July  一 五 at a starting price of VNĐ 一 二,000 each (US$0. 五 三).

After equitization, Foodcosa is expected to have a charter capital of VNĐ 二 九 四. 五 billion ($ 一 三. 一 million). Except shares sold in the IPO, the state would hold  六 五 per cent equity, equivalent to  一 九. 一 四 million shares, while employees would hold over  二 per cent of the stakes.

Established in  一 九 八0 in HCM City, Foodcosa traded food and industrial products, such as flour, fertilizers and pesticides, as well as consumer goods. Focosa is also involved in trading fuel in the country, along with retailing. — VNS