Vietnam state coffee firm plans 35 percent stake sale in IPO

Vietnam National Coffee Corporation (Vinacafe), the top state-owned coffee company, plans to sell a 35-percent stake in an initial public offering (IPO) either later this year or early next year, its chairman said on Sunday.
Vinacafe's privatisation plan and valuation process are expected to be completed by the end of June, and the timing of the IPO will depend how fast it obtains government approval, chairman Phan Xuan Thang told Reuters.
The stake sale is part of the government's drive to trim stakes in state-owned enterprises (SOEs), many of which have low profitability, but progress has been slow due to the small stakes offered, the state retaining a large degree of control and concerns about vested interests.