Becamex IDC to add more shares for UPCoM trading
The Investment and Industrial Development Joint Stock Corporation (Becamex IDC) will trade an additional one billion shares on the Unlisted Public Company Market (UPCoM).
The value of the extra shares is VND10.1 trillion (US$434.3 million but the date for additional shares to be listed is not yet set, the Ha Noi Stock Exchange announced on Wednesday.
The company is listing over 1.035 billion shares on UPCoM as BCM and the firm’s market value as of August 22 was VND34.36 trillion.
Becamex IDC’s shares tumbled 5 per cent to end August 22 at VND32,000 ($1.37) per share.
The company debuted on UPCoM on February 21, 2018 and finished the first trading day at VND24,400 per share.
Since then, the company shares have gained one-third in its share price and market value.
In late 2017, Becamex IDC offered 311.2 million shares or 23.6 per cent of capital for auction at its initial public offering (IPO). However, only 23.36 million shares or 6 per cent of the number of offered shares were sold.
Early Becamex IDC brought the remaining 287.8 million shares for auction but only five million shares were offloaded.
Under the equitisation plan, Becamex IDC has to sell 311.2 million shares (23.6 per cent of charter capital) in the IPO.
The company also has to sell a quarter of total shares to the strategic investor, which is not completed yet, and sell 0.4 per cent of total shares to its employees, which was done in late June.
After the equitisation, the Government will cut the State ownership in Becamex IDC to 51 per cent from 100 per cent.
In the second quarter of 2019, Becamex IDC earned VND2.04 trillion in net revenue, up 82.4 per cent year on year.
Revenue from the real estate segment was VND1.64 trillion, accounting for 72 per cent of the figure. The company recorded VND2.56 trillion worth of cash and cash-equivalent assets. Q2 post-tax profit was up 42 per cent year on year to VND710.3 billion.
After six months, Becamex IDC posted an 11.7 per cent increase in total net revenue, which reached VND3.38 trillion, fulfilling 59 per cent of the full-year target.
Its post-tax profit added 41 per cent year on year to VND1.32 trillion in the first half of the year. The figure was equal to 78 per cent of the full-year target.