Slow equitisation prevents VEAM listing

The country’s largest engine and machinery producer VEAM has not been able to list on the Ho Chi Minh Stock Exchange (HoSE) due to sluggish equitisation.

 

Leaders of VEAM, better known as the Viet Nam Engine and Agricultural Machinery Corporation, told vietnamfinance.vn in a recent meeting that the main reason for its slow listing was the delayed equitisation process.

If the process is completed in the last six months of this year, VEAM will have full listing documents and is expected to list on the HoSE by the end of the first quarter of 2020, the company said.

VEAM presented its plan to list on the HoSE to shareholders in June last year.

In 2019, the company plans to earn VND6.4 trillion (US$274 million), up 23 per cent. Financial income is expected to increase 32 per cent.

VEAM said its 2019 dividend payment target of 38.84 per cent will likely not be met because affiliate companies may not pay on schedule.

If there was no delay in the payment, the company's after-tax profit in 2019 could amount to VND6.8 trillion, VEAM said.

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