Vietnam property developer Vincom (VIC) will float all of its 80 million shares on Ho Chi Minh Stock Exchange next week in $600 million stock market listing, the company said on Tuesday.
The Hanoi-based company will float the shares at starting price of 119,000 dong ($7.4), similar to the average price Vincom shares were sold to retail investors at an auction of five million shares in July this year, traders said.
The shares are allowed to rise or fall by a 20 percent margin from the listing price on the first day of trading, according to stock market rules.
Vincom, which owns an office and shopping complex in Hanoi and a five-star resort in Nha Trang, forecast its next year net profit will rise 9 percent to $8.6 million from the previous year thanks to to strong demand for property.
It forecast an 11 percent rise in sales to $15.2 million, taking its return on equity to 17 percent from 16 percent this year.
Vincom forecast 2009 net profit to soar 700 percent to $71 million from 2008, as it completes the sale of several apartment buildings.
In June the Ho Chi Minh City municipal government granted Vincom 8,000 square metres (86,110 sq ft) of land in the District 1 commercial centre for a $250-million shopping mall and office building.
The company is also branching out into the energy sector and financial services and has plans to set up an investment fund and a brokerage with state-run Vietindebank.
Source: Reuters
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