A small Vietnamese hotel company raised 67.24 billion dong ($4.2 million) by selling more than 90% of its shares to the public on Monday, the Hanoi stock market said.
Song Nhue Tourist Hotel Company sold all 1,399,640 shares on offer, or 93.31% of its total, to Vietnamese individual investors, the stock exchange said in a statement. It did not disclose the identities of buyers.
The shares were sold at an average price of 48,038 dong ($3), above the 30,000-dong initial price set for bidding, suggesting the firm was valued at $4.5 million.
Neither institutional investors nor foreign investors joined the auction and the company, based in the northern province of Ha Tay, did not say when it planned to list its shares or how the proceeds would be invested.
It operates a hotel in Ha Dong, the capital of Ha Tay province 10 km (6 miles) southwest of Hanoi.
While Vietnam's tourism sector has posted a 20% growth in revenues in 2005 and 2006, reaching $2.2 billion last year, most of the earnings came from Vietnamese travellers who enjoyed rising incomes in line with an economic growth of 8%.
Source: Reuters
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