A small Vietnamese rubber firm won preliminary approval on Tuesday to list on the country's main stock market, the exchange said in a statement.
When licensed, Tay Ninh Rubber Company, or Taniruco, would be the first to debut on the Ho Chi Minh Stock Exchange this year and only the country's second after small builder Cholonres (RCL) made its debut on the Hanoi market on June 14.
Taniruco needed to complete more paperwork before receiving a listing licence, the Ho Chi Minh Stock Exchange statement said without elaboration.
It would be the third rubber firm to list after Hoa Binh Rubber Co. (HRC) and Danang Rubber Co. (DRC).
Based in the southern province of Tay Ninh, Taniruco is a small rubber exporter, shipping 14,000 tonnes of the 708,000 tonnes exported from Vietnam in 2006.
Taniruco shares traded at 128,000 dong to 130,000 dong ($7.9-$8) on the unregulated, unofficial markets late last week, up from 110,000-112,000 dong in May before it applied for a listing. The firm was therefore valued at $240 million.
Its net profit jumped 50.5 percent last year from 2005 to 143 billion dong ($8.8 million).
In December, the firm raised about $36 million in an initial public offering of nearly 8.4 million shares held by the state which sold at an average price of 68,341 dong ($4.2).
Last month, a company official said Taniruco was finalising plans to growing rubber trees on 10,000 hectares (24,700 acres) of land in Cambodia next year.
Source: Reuters
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