Vietnam is a leading robusta coffee producer in the world. Photo: Internet
Vietnam National Coffee Corporation (Vinacafe
), the country’s largest state-owned robusta producer, plans to offer shares at an initial public offering (IPO
) next year, Deputy Director General Nguyen Van Minh was quoted by Bloomberg as saying.
The IPO will include Vinacafe and 18 units, Minh said in an interview at a coffee festival in the Central Highland’s city of Buon Ma Thuot, adding the corporate valuation process is expected to start in July, Minh said.
The government also plans to sell a 35% stake in seven other subsidiaries of Vinacafe in separate IPOs, Minh added, without collaborating the time frame.
Vinacafe expects its revenue at between four trillion dong ($175.5 million) and 4.5 trillion dong ($197.4 million) this year, an increase of between 33% and 50% from a year earlier, according to the executive.
It expects to export between 80,000 tons and 100,000 tons of beans from next year, up from 50,000 tons in 2017 and 22,000 tons last year.
State-run Vietnam Rubber Group will offer 25% of its shares during its upcoming IPO, scheduled in the second quarter of this year, as the government accelerates the privatization process of ailing state-owned companies.