Vietnam's Thuan An Wood Processing Company is set to list 8.4 million shares on the Ho Chi Minh Stock Exchange later this month, becoming the 108th firm on the board, the exchange said in a statement.
Shares in the rubber wood processor, valued at about $31 million based on its unofficial market share price of around 60,000 dong ($3.70) in early May, will start trading on July 23.
The 8.407 million shares represent the firm's registered capital of 84 billion dong ($5.2 million).
Thuan An, based in the southern province of Binh Duong, is a subsidiary of Vietnam Rubber Group, and gets 51 percent of its sales from exports to the United States, Europe and several Asian countries.
Exports of wooden products are Vietnam's fifth-largest foreign exchange earning product after crude oil, textiles, footwear and seafood.
In April 2005, Thuan An sold 95,310 state-held shares, a 23.7 percent stake, with a face value of 100,000 dong at an average price of 128,329 dong ($7.96) in an initial public offering. It has since raised its registered capital to 84 billion dong.
Another rubber firm, Tay Ninh Rubber Company, has also received a licence to list on the exchange but has yet to announce a debut date.
Source: Reuters
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