Becamex IDC, a giant industrial investment and development corporation headquartered in the southern province of Binh Duong, is poised to launch an IPO (initial public offering) in the first quarter of this year, which will cut state holdings in the firm by a quarter.
The company, fully known as the Investment and Industrial Development Corp., is currently 100 percent owned by the Binh Duong administration.
The planned IPO will reduce the government stake in the company, a multifaceted firm implementing projects across southern Vietnam, to 75 percent before that rate is slashed further to 50 percent by 2020, according to the provincial administration.
Becamex IDC is undergoing a corporate valuation in preparation for the IPO.
A valuation in 2011 showed that the company then had total corporate assets worth VND113 trillion (US$5.04 billion).
Besides the IPO, Becamex IDC will continue selling its shares in Hung Vuong Assurance Corp. and De Nhat Securities Corp., collectively worth some VND171.4 billion ($7.65 million), in 2016.
Last year the Binh Duong administration sold the entire stake it held in seven firms, earning more than VND214.8 billion ($9.59 million).
Becamex IDC was established in 1976 and has become a giant in industrial, residential, urban and transportation infrastructure development.
The company currently runs 28 subsidiaries and joint ventures covering securities, finance, insurance, banking, construction, trading, real estate, service, information technology, construction materials, mining, pharmaceuticals, healthcare and education with a charter capital of approximately VND5.5 trillion ($245.54 million), according to its website.