Vietnamese hotel operator Huong Giang Tourism Co raised 185 billion dong ($11.5 million) by selling 5.68 million shares, or nearly 25 percent of the firm, in an initial public offering on Wednesday, the stock market said.
The company, which operates major hotels in and around the central tourist city of Hue, sold all 5,677,100 shares on offer at an average price of 32,567 dong, the over-the-counter Hanoi market said in a statement.
Undisclosed foreign investors bought 2,103,000 shares in the tourist firm named after Huong river which flows through Hue, it said.
After the auction, the state would keep nearly 62 percent of Huong Giang and around 7.6 percent would be sold to strategic partners, company reports said.
Huong Giang has not said when it plans to list shares on the domestic market.
The firm has forecast its net profit next year would jump nearly 50 percent from 2007 to 25 billion dong ($1.5 million) on the back of expected higher foreign tourist arrivals in Hue, a UNESCO-recognised world heritage site.
Vietnam's tourism sector accounts for only a small part of the economy. The hospitality industry along with its food service accounted for only 4 percent of GDP in the first half of this year, the government said.
January to June foreign arrivals rose 14.7 percent from a year earlier period to 2.12 million, the Vietnam Tourism Administration has said.
Source: Reuters
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment