A small Vietnamese rice exporter raised $1.3 million on Wednesday from selling more than 1.6 million shares to outside investors, the first rice company in the country to go public, the stock market said.
Vinh Long Import-Export Company, or Imexcuulong, sold 1,668,500 shares, or 37.08% of its total shares, at an average price of 12,122 dong (US 75 cents) each, the Ho Chi Minh Stock Exchange said in a statement.
The company had expected to raise $1 million from the sale.
The state will retain a 51% stake while the remaining 11.92% would be sold to employees, Acting Director Le Tuan said earlier this month.
Imexcuulong, based in the Mekong delta province of Vinh Long, is valued at $3.4 million, based on the average price at the auction. The firm has not said when it plans to list its shares.
Vietnam is the world's second-largest rice exporter after Thailand.
Imexcuulong 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.
Imexcuulong has forecast it will nearly double its net profit to 4.32 billion dong ($268,000) this year from 2.3 billion dong ($143,000) in 2006 after running in the red in both 2004 and 2005.
Source: Reuters
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