The auction by Bourbon Tay Ninh, which has a registered capital of 1.4 trillion dong (US$87 million), would be held by October 6, the statement said.

Parent company Group Bourbon said in April it had sold 24% of the sugar refiner's shares for -36 million to Vietnamese investors including dairy product maker Vinamilk, confectionery maker Bibica and investment funds including VinaCapital.

It aimed to raise 32 million euro (US$43 million) from the share auction, suggesting a price of about -1.14 (US$1.54) each, or 2.5 times their face value.

Group Bourbon has said it would retain a 51% stake in the company for the next three-years.

The company, based in the southern province of Tay Ninh, refines sugar and generates electricity from sugarcane waste to serve its refineries.