Vietnam's Thong Nhat Rubber Company (TNC) will float all of its 19.25 million shares on the Ho Chi Minh City Stock Exchange next week, company officials said on Monday.
TNC shares would begin trading on Aug. 22 at a starting price of 50,000 dong ($3.1) each, valuing the firm at nearly $60 million, an official at Thong Nhat's equity department said.
Shares of the company, based in the southern province of Ba Ria-Vung Tau, were being traded in the unofficial markets at about 60,000 to 65,000 dong ($3.7-$4.0), about four times the average prices fetched in the firm's IPO in March 2006.
TNC produces and exports rubber latex from 2,090 hectares (5,200 acres) of plantations.
Natural rubber is Vietnam's second-largest foreign exchange earning farm product after rice. January to July's rubber exports eased 3.2 percent from a year ago to 344,000 tonnes, government figures show.
Vietnam, the world's fourth-largest rubber exporter after Thailand, Indonesia and Malaysia, aims to raise rubber output to 700,000 tonnes from 550,000 hectares (1.36 million acres) under plantation by 2010, including areas in Laos and Cambodia.
It has projected to export 780,000 tonnes of rubber this year, compared with 708,000 tonnes shipped last year, from 490,000 hectares under plantation.
Thong Nhat Rubber Co targets a flat net profit this year of about 23 billion dong ($1.42 million) as 2007's revenues were expected to remain unchanged from 2006 at 127 billion dong ($7.8 million), its prospectus showed.
Source: Reuters
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment