Small Vietnamese auditing company AACC said on Friday it would become the first in its sector to issue shares, with a plan to raise more than $700,000 via an auction early next month.
In a statement, the Auditing & Accounting, Financial Consultancy Service Co. said its book value stood at nearly 22.87 billion dong ($1.4 million) as at Dec. 31, 2006, of which the state held 49.6 percent or 11.34 billion dong.
The state-held stake will be divided into 100 shares, 92 of which will be offered for sale on May 2 only to Vietnamese investors at a starting price of 124.76 million dong ($7,742).
Outside investors must be a licensed auditor for at least the past five years and must commit to working at AACC, the statement said.
"We have asked Bao Viet Securities to underwrite the issue," the company executive said without elaboration.
Established in 1991, Hanoi-based AACC said it was one of Vietnam's first two independent firms that offered auditing, finance and tax consultancy services. It has branches in Ho Chi Minh City, Vietnam's commercial centre, and in three other provinces.
Terms of the AACC share auctions are far different from most IPOs announced so far in Vietnam as ordinary shares often carry a 10,000-dong face value and investors are not required to work in the issuing company.
Baoviet Securities (BVS) is a subsidiary of Vietnam's top insurance firm Bao Viet. The securities firm, listed last year on the over-the-counter Hanoi Securities Trading Center, is a new business of Bao Viet which has said it would diversify into banking, financial leasing, real estate and public health insurance.
AACC did not say when it planned to list its shares or how the proceeds would be invested.
The communist-run government wants to allow 550 state-owned enterprises (SOEs) to undergo full or partial privatisations this year, and aims to complete the restructuring of all the SOEs in Vietnam by 2010.
Source: Reuters
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