Viglacera files to list on the ha noi stock exchange
Viglacera files to list on the ha noi stock exchange
Viglacera Corporation, Viet Nam's largest producer of construction ceramics and tiles, has filed an application to list over 65 million shares worth VND650 billion (US$29 million) on the Ha Noi Stock Exchange.
This share quantity represents a 21.18-per-cent of the company's charter capital.
The remaining stocks—equivalent to nearly 242 million shares, or 78.82 per cent—are owned by the Ministry of Construction.
Currently, 307 million of the company's shares are trading on the Unlisted Public Company Market (UPCoM) under the management of the Ha Noi Stock Exchange at around VND17,700 a share.
In October 2015, the Ha Noi Stock Exchange approved listing of 264.5 million shares of Viglacera, coded VGC, without giving a specific timeline for the listing.
The company increased its charter capital from VND2.65 trillion to VND3.07 trillion ($137.7 million) in September this year through a public sale of additional shares. After the sale, State holdings reduced from 91.49 per cent of capital to 78.82 per cent. Foreign investors now own 8.75 per cent.
Established in 1974, Viglacera has developed from a traditional brick and ceramics manufacturer to a State-owned multi-sector group with a focus on building material production, infrastructure development, industrial parks and residential and business properties.
The firm has a total of 36 subsidiary and affiliated companies nationwide, with eight operating in the field of investment and infrastructure, 24 in manufacturing building materials and four involved in trade and training.
The Ha Noi-based company made its initial public offering (IPO) in February 2014 and began listing shares on the UPCoM October 15, 2015. Its additional 42.5 million shares started trading on the UPCom on October 20 this year, but around 12.5 million shares will not be allowed for transfer until February 22 next year.
Eight of its subsidiaries are also listed on the stock exchange or traded on the UPCoM.
The company's the nine-month revenues reached over VND5.7 trillion this year, down 2 per cent from the same period of last year, but its pre-tax profits increased 44 per cent during the period, hitting VND557 billion and nearing the year-end target of VND559 billion.
