Furniweb Industrial Products Berhad is exploring the possibility of listing its unit in Vietnam in a move to take advantage of the fast-growing Vietnamese economy.
The company said on Tuesday that it had appointed a corporate adviser licensed in Vietnam to evaluate the listing of Furniweb Manufacturing (Vietnam) Co Ltd on the Ho Chi Minh City securities trading center (HSTC).
Furniweb Vietnam, located in the Dong Nai province, manufactures and sells upholstery webbings and covered elastic yarn. It recorded a revenue of 7.8mio US$ in 2005.
The company said the sizeable presence of foreign direct investments in Vietnam, which has a population of 84 million, and the opening up of the economy were favorable factors for the proposed listing.
The proposed listing would also allow Furniweb to access Vietnam's capital market to raise funds for future expansion.
Source: Thanh Nien
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