The State Capital Investment Corporation (SCIC) plans to sell nearly 30 percent of its stake in Binh Minh Plastic JSC or 24.1 million shares on March 9 on the HCM Stock Exchange.

The 24.1 million shares will be sold via competitive bidding and each investor must register to buy at least 20,000 shares.

The starting price will be announced on February 28. The bidding price must be above both the starting level and the daily decreasing band of Binh Minh Plastic Company’s share price on March 9.

For example, if the shares are sold at the starting price of 100,000 VND (4.44 USD) per share and the decreasing band of the shares is 95,000 VND per share, then the bidding price must be above 100,000 VND per share.

If the decreasing band of the shares is 105,000 VND per share, then the bidding price must be above 105,000 VND per share.

If investors forecast the required bidding price as unreasonable compared to their expectations, then they can cancel their bidding by 4pm on March 8.

Investors must deposit at least 10 percent of their purchase value based on the starting bidding price.

Binh Minh Plastic JSC is listed on the HCM Stock Exchange with code BMP. The company shares jumped 4.6 percent on February 23 to 93,400 VND.-VNA