Bim Son Cement Joint Stock Co. Wednesday said it plans to sell 4.27 million existing shares - equivalent to a 4.74% stake - on December 25.
The company, which has a registered capital of VND900bn ($55.8m), will sell its shares via auction at the Hanoi Securities Trading Center.
The shares will be offered to local and foreign investors at an initial price of VND35,000 each.
Currently, 49% of the company is owned by foreigners.
Bim Son Cement will use the sale proceeds to expand its operations, including raising its cement producing capacity to 3.2Mt by early 2009 from the current 1.8Mt.
In 2006, the company made a net profit of VND92.96 billion on revenue of VND1.594 trillion, up 7.82% and 3.51% on year, respectively.
For this year, the company is targeting a net profit of VND120.27bn on revenue of VND1.58 trillion.
Bim Son Cement shares are being traded on the official over-the-counter market in Hanoi.