Vietnam Electricity Construction Corporation (Vneco) will make its debut on the Ho Chi Minh Stock Exchange <.VNI> next week, chief executive Doan Duc Hong said on Thursday.
Vneco, which will become the market's 111th listed firm, would list all its 32 million shares on Aug. 9 at a starting price of 65,000 dong ($4), valuing the firm at $128 million, he said in a statement.
Based in the central city of Danang, Vneco builds electricity distribution networks, airports and sea ports, trades steel products and real estate and runs tours and hotels.
"The corporation is now speeding investment in hydro-power plants, infrastructure and housing projects, dealing with real estate and invests in tourism and services," Vneco said on its Web site (http://www.vneco.vn/).
Vietnam plans to double power generation capacity to about 28,000 megawatt by 2010 to meet forecast annual demand growth of about 20 percent as the economy continues to expand rapidly at a forecast range of 8.5 percent and 9 percent per year.
The communist government plans to build 60 additional power plants by 2020.
Construction accounted for 77.6 percent of Vneco's revenues in 2006, up from 73 percent in 2005.
Vneco said its net profit soared 317 percent last year from 2005 to 66.72 billion dong ($4 million) as revenues jumped 91 percent to 877.33 billion dong ($54.3 million).
The Ho Chi Minh Stock Exchange's VN Index rose 1.67 percent to 923.14 points on Wednesday, when its market capitalisation was $12.6 billion.
Source: Reuters
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