State construction giant to make IPO

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The State-owned Viet Nam Industrial Construction Corporation will offer 8.8 million shares in an initial public offering, following Government approval issued on Thursday. The offered shares will represent 16.01 per cent of the corporations charter capital.

Meanwhile, the State will retain 75 per cent, equivalent to 41.25 million shares. The Government also appointed the Ministry of Industry and Trade as the representative of State stakes in the corporation.

The remaining 4.6 million shares will be sold to employees and 275,000 to the corporate union.

An official in the corporations administrative department, Nguyen Van Toan, said the approval would kick start the next steps, including the valuation of the offering price, the assessment of corporate assets and the selection of a strategic partner.

"We will try hard to make the IPO this year," Toan said.

Viet Nam Industrial Construction Corporation has a charter capital of VND550 billion (US$28.2 million) and focuses on civil and industrial construction.

In the first half of this year, the corporation achieved a total turnover of VND1.34 trillion ($68.7 million), representing a year-on-year increase of 4.1 per cent. Corporate profit also reached VND28.5 billion ($1.5 million), helping the constructor reach 35.7 per cent of the annual target.

In the latter half, the corporation will concentrate on finishing and putting into operation the Quang Son Cement Plant. In addition, it plans to start the second phase of the construction of Samsung-Bac Ninh, the Nhan Co Alumina project and Vinachems headquarters.

The corporation schedules a revenue of VND2.3 trillion ($117.9 million) and a profit of VND51.4 billion ($2.6 million) for the second half of this year.

Vietnam Business And Financial News Network. Source [english.vietnamnet.vn]

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