A small Vietnamese rice exporting company set on Monday a $2.8 million initial public offering, marking the first rice firm in the country to go public.
Vinh Long Import-Export Company, or Imexcuulong, planned to raise $1 million from selling 1,668,500 shares, or 37.08% of its total shares, at the May 30 auction, Acting Director Le Tuan said in a statement via the stock market.
The state will keep a 51% stake while the remaining 11.92% would be sold to employees, he said.
Imexcuulong, based in the Mekong delta province of Vinh Long, is valued at $2.8 million, based on the share's starting price set for bids at 10,100 dong (U.S. 62 cents) each.
Imexcuulong has not said when it planned a share listing.
Vietnam is the world's second-largest exporter of the grain after Thailand.
The company ships around 100,000 tonnes of rice annually to the Philippines, Indonesia, Africa and the Middle East. The volume is small when compared with 4.75 million tonnes Vietnam exported in 2006 and its target for 2007 of 5 million tonnes.
Acting director Tuan said Imexcuulong had a net profit of 2.3 billion dong ($143,000) in 2006 after facing losses in both 2004 and 2005.
The company has projected to nearly double its net profit to 4.32 billion dong ($268,000) this year, he said.
Source: Reuters
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