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Bourbon to sell 25% of sugar refiner
12 | 07 | 2007
Vietnam sugar refiner Sucrerie de Bourbon Tay Ninh, owned by Group Bourbon of France, has received approval to sell 25% of its shares to the public.
The company would sell 28 million shares, or 20% of its shares, in an auction and 7.46 million shares, or 5%, to employees and sugar cane growers, the State Securities Commission said in a statement seen on Monday July 9.

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.

Intellasia News Online
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