November 1, 2017 / 3:02 AM / in a year

Starting price for Vinamilk sale set at 150,000 dong each - state investment firm

HANOI, Nov 1 (Reuters) - Vietnam’s State Capital Investment Corporation said on Wednesday it aims to sell a 3.33 percent stake in dairy firm Vinamilk at a starting price of 150,000 dong ($6.61) a share.

The sale, expected on Nov. 10, is part of the government’s plan to divest from state-owned enterprises and if successful would reduce the state ownership in Vinamilk, Vietnam’s biggest listed firm, to 36 percent, enough to retain veto rights.

The price must not be lower than the starting price or the floor price of Vinamilk shares on the day of the sale, state investment company SCIC said in a statement published on its website.

SCIC’s chairman has said the sale could fetch 6.5 trillion dong to 7 trillion dong ($286.3 million-$308.4 million). ($1 = 22,700 dong) (Reporting by Mai Nguyen; Editing by Stephen Coates)

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