Vietnam National Textile and Garment Group postpones IPO to

According to a report by “Vietnam News” on July 15, Vietnam National Textile and Garment Group postponed its initial public offering (IPO) originally scheduled for July 22 to September 22. According to the IPO plan approved by the Vietnamese government, the group’s VND5 trillion (approximately US$235 million) capital will be equal to 500 million shares, of which 122 million shares will be sold in this IPO. The plan allows the Vietnamese government to hold 51% of the group’s shares, and the group’s employees to purchase 3 million shares, or 0.6% of the total registered capital. The group will also sell 120 million shares to strategic investors. The initial price per share is VND11,000 (approximately US$0.49), and the IPO is expected to raise VND1.22 trillion (approximately US$58 million). The group’s export target is US$3.6 billion in 2015 and US$5 billion in 2020. On July 8, Li Jinchang, the former deputy general manager of the group, was appointed as general manager.