Vingroup temporarily delays Singapore IPO
Vingroup temporarily delays Singapore IPO
Vingroup Joint Stock Company (Vingroup JSC) will temporarily delay its plans to sell shares and have them traded in Singapore in response to foreign investors pulling capital out of emerging markets.
Le Thi Thu Thuy, Vingroup's chief executive officer, said in an interview with Bloomberg last Friday that the group would temporarily delay an international bond sale.
In April this year, Vingroup said it planned to sell 150 million shares and have them traded on the Singapore bourse (SGX) from the second to fourth quarter of 2013. The shares would be listed and traded in US dollars.
Thuy said the whole market was quite difficult, and doing a Viet Nam deal was not easy. She didn't rule out a listing later this year and said Vingroup still had a few more months to go and would be keeping an eye on market developments.
Vingroup shares yesterday dropped 1.5 per cent to VND62,000 (US$2.95).
In 2012, Vingroup reported a net revenue of more than VND7,904 billion ($377 million), an increase of 242 per cent compared to 2011. Post tax profit was VND1,847 billion ($87.9 million), representing a rise of 72 per cent from 2011.
The group successfully implemented its 2013 business plan by achieving a net revenue of approximately VND12.2 trillion ($580 million) from operations including revenues made from Royal City, Times City and Vincom Village (excluding financial activities).
Estimated profit before tax is approximately VND10 trillion ($476 million) from operations including financial activities.
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