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The deal will be concluded 30 days after the State Securities Commission of Vietnam gives it the green light, the Binh Duong Province-based steelmaker said in a statement.
It had bought its NKG shares in June last year at an average price of VND7,600 ($0.33) per share, and the ticker closed Friday at VND30,550.
The deal could fetch the company a profit of VND230 billion, which it plans to use to fund operations.
The company saw profits rise by nearly eight fold year-on-year in the first quarter to nearly VND319 billion amid surging steel prices.
Nam Kim Steel, established in 2002, exports to 50 markets including Australia, Europe and the U.S.
