Vietnamese shipping firm VOSCO said on Thursday it would sell about 50 million shares, or a third of the company, in an initial public offering next month to raise at least $46.2 million for fleet expansion.
The shares would be sold in an auction at the Hanoi over-the-counter exchange on Sept. 12 starting at 15,000 dong ($0.9) each, the company said in a statement published by the State Securities Commission.
Foreign investors were not allowed to participate in the auction, the statement said without giving a reason.
Shares in VOSCO, which is 60-percent state owned, were being traded in the unofficial markets at 25,000-40,000 dong ($1.5-$2.5), brokers said.
VOSCO chief executive Vu Huu Chinh said in a prospectus that revenues were expected to grow 14 percent annually in the next three years to about 2.54 trillion dong ($157 million) and forecast a net profit of $6.5 million by 2010.
The Haiphong City-based company, whose full name is Vietnam Ocean Shipping Co, operates 25 ocean-going vessels, including four small oil product tankers, and plans to spend $317 million on 12 more vessels by 2011.
Source: Reuters
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