Ba Ria-Vung Tau Water Supply (Bwaco) will sell more than four million shares during its initial public offering on the HCM City Securities Trading Centre on July 24.
The shares will enter the market at VND10,500 a piece.
The State-owned company has VND164 billion (US$10.2 million) in charter capital. The Government is expected to own a 65 per cent stake in Bwaco, with the staff, strategic investors and other investors to hold 3.1, 7 and 24.9 per cent respectively.
After the equitisation, Bwaco plans to set up investment projects, build water supply facilities, and begin offering tourism services.
Currently, the company pumps out 110,000cu.m of clean water a day and supplies 85,000 customers in Vung Tau, Ba Ria, four towns and an industrial zone.
Bwaco earned VND117.5 billion ($7.3 million) in revenue and VND8.64 billion in profit last year.
Executives predict revenue will hit VND131.4 billion this year and VND140.6 billion in 2008. Profit is forecasted at VND6.84 billion in 2007 and VND7.77 billion in 2008.
Source: VNS
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