BMP – Company Note – 20180308

State Capital Investment Corporation (SCIC) will hold an auction to sell 24.2mn shares (equivalent to 29.52% of total shares) in BMP on March 9th 2018 at the initial offering price of VND 96,500VND, equivalent to a TTM P/E of 16.8x. We expect sizeable participation in the auction from Nawaplastic, which has the opportunity to increase its stake in BMP from 20.4% currently to 49.9%, potentially becoming a controlling shareholder in BMP.

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