The Hanoi Stock Exchange (HNX) said one institutional investor and 12 individual investors registered to participate in the auction for more than 39.25 million shares in Viet Ha, equivalent to a 51.04% stake currently held by the Hanoi municipal government.

The institutional investor registered to buy the entire block of shares on offer, while the 12 individual investors collectively registered to purchase more than 47.1 million shares, according to the HNX.

Hanoi authorities set the starting price at VND21,524 ($0.82) per share, implying a minimum proceeds value of about VND844.8 billion ($32.05 million) if the stake sale is completed in full.

The auction is scheduled for May 18, with payment due between May 19-25.

Founded in 1966 as a condiment factory, Viet Ha was later transformed into a state-owned enterprise before being converted into a joint-stock company in 2017. The company operates primarily in beer production and malt processing, with charter capital of VND769 billion ($29.18 million).

Besides the Viet Ha beer, the group also owns several legacy consumer brands, including Trang An confectionery and Hanoi Candy.

The company maintains a diversified portfolio through subsidiaries and affiliated businesses spanning confectionery, footwear, pharmaceuticals, alcohol, and real estate-related investments.

Apart from Hanoi authorities, other major shareholders include Vegetexco Vietnam with a 36.1% stake and Vietnam International Commodity Exchange holding 12.56%.