Shares in Vietnam's Thuan An Wood Processing Company (GTA) jumped 20 percent on their Monday debut on the Ho Chi Minh Stock Exchange, while the market eased slightly.
Shares in the rubber wood processor closed at 66,000 dong ($4.08) each, above the starting price of 55,000 dong the company set for the first trading day.
Thuan An, now the 108th listed firm on Vietnam's exchange, was valued at $34.3 million. Other wood industry-related listed companies include furniture exporter Savimex (SAV) and two paper manufacturers Hapaco (HAP) and Vien Dong Paper (VID).
The VN Index edged 0.21 percent down to close at 979.23 points, a 30 percent rise from the end of 2006.
The market capitalisation stood at $12.7 billion.
Thuan An, based in the southern province of Binh Duong, is a subsidiary of Vietnam Rubber Group. It gets 51 percent of its export revenues from the United States, Europe and several Asian countries.
Wooden products are Vietnam's fifth-largest foreign exchange earner after crude oil, textiles, footwear and seafood.
Thuan An's net profit last year jumped 29.9 percent from 2005 to 13.85 billion dong ($858,200) as revenues grew 6.8 percent to 182 billion dong ($11.3 million), the company said in its prospectus.
It has forecast this year's revenues to rise 13 percent from 2006 to 206 billion dong while the net profit would jump 32.5 percent to 18.35 billion dong, thanks to expanded production capacity with a new plant operational in 2006.
Another rubber firm, Tay Ninh Rubber Company which is valued at $240 million on the unofficial markets, is scheduled to debut on the exchange on Tuesday with all its 30 million shares.
Source: Reuters
Showing posts with label HAPACO. Show all posts
Showing posts with label HAPACO. Show all posts
Monday, July 23, 2007
Saturday, July 21, 2007
Hapaco to begin building refinery end-2007
Vietnamese tissue paper maker Hapaco (HAP) said on Friday it would begin building a 20,000-bpd oil refinery in the northern port city of Haiphong at the end of this year.
In January the firm said it had secured a deal to borrow $128 million from Sachsen LB bank of Germany to finance a $150-million oil refinery project which is slated to be operational by 2010.
"A management team has been formed to organise construction of the plant by the end of 2007," Hapaco said in a statement published by the Ho Chi Minh Stock Exchange.
Many foreign and local companies have sought to build refineries with investments of under $500 million but none of the projects have materialised so far because of the lack of access to crude oil controlled by state oil group Petrovietnam.
Petrovietnam began building the country's first 130,000-bpd refinery in 2005 and aims to complete the plant by early 2009.
Haiphong-based Hapaco also said in the statement its first half net profit more than tripled to 25 billion dong ($1.55 million), exceeding its target for the whole year of 22 billion dong thanks to expanded production at its new pulp plant.
The firm also said exports -- mainly joss-paper used widely in Taiwan and China for offerings -- during the first six months jumped 37.5 percent from a year earlier to $5.5 million.
It did not provide revenue figures for the first half but said revenue during the period jumped 24.3 percent from a year ago.
Hapaco's stock closed at 86,000 dong ($5.3) on the Ho Chi Minh Stock Exchange on Friday, up 4.88 percent from Thursday.
Source: Reuters
In January the firm said it had secured a deal to borrow $128 million from Sachsen LB bank of Germany to finance a $150-million oil refinery project which is slated to be operational by 2010.
"A management team has been formed to organise construction of the plant by the end of 2007," Hapaco said in a statement published by the Ho Chi Minh Stock Exchange.
Many foreign and local companies have sought to build refineries with investments of under $500 million but none of the projects have materialised so far because of the lack of access to crude oil controlled by state oil group Petrovietnam.
Petrovietnam began building the country's first 130,000-bpd refinery in 2005 and aims to complete the plant by early 2009.
Haiphong-based Hapaco also said in the statement its first half net profit more than tripled to 25 billion dong ($1.55 million), exceeding its target for the whole year of 22 billion dong thanks to expanded production at its new pulp plant.
The firm also said exports -- mainly joss-paper used widely in Taiwan and China for offerings -- during the first six months jumped 37.5 percent from a year earlier to $5.5 million.
It did not provide revenue figures for the first half but said revenue during the period jumped 24.3 percent from a year ago.
Hapaco's stock closed at 86,000 dong ($5.3) on the Ho Chi Minh Stock Exchange on Friday, up 4.88 percent from Thursday.
Source: Reuters
Monday, April 16, 2007
Hapaco signs oil refinery contract
The Hai Phong Paper Joint Stock Company (Hapaco), on April 14, signed a new contract with Evagor of Germany, under which the German firm will provide consultancy for Hapaco’s oil refinery project as well as undertake construction of the plant.
Under the contract, Evagor will draw out a feasibility study for the project; provide construction consultancy, loans and equipment; transfer technology; and operate the oil refinery which will be built at the Hai Phong-based Dinh Vu Industrial Zone in the first stage.
The contract is valued at 150 million USD, to which Evagor will finance 128 million USD.
Hapaco is listed on the Ho Chi Minh City Securities Trading Centre.
Source: VNA
Under the contract, Evagor will draw out a feasibility study for the project; provide construction consultancy, loans and equipment; transfer technology; and operate the oil refinery which will be built at the Hai Phong-based Dinh Vu Industrial Zone in the first stage.
The contract is valued at 150 million USD, to which Evagor will finance 128 million USD.
Hapaco is listed on the Ho Chi Minh City Securities Trading Centre.
Source: VNA
Thursday, April 12, 2007
Hapaco increases equity through stock options
At the company’s annual general meeting last week, Hai Phong Paper JSC (Hapaco) shareholders approved a plan to issue an additional 18 million shares to raise its chartered capital to VND240 billion(US$15 million) this year.
The shares will be issued in two lots, the first of which will consist of 9.2 million shares.
The first lot will be handed out as a dividend payment with the remaining shares sold to current shareholders, strategic investors and Hapaco employees.
The second lot will include shares issued as a bonus to existing shareholders with the remaining auctioned to the public.
Hapaco Chairman Nguyen Duong Hien said current shareholders will be able to buy shares in the first lot at VND10,000-25,000 a piece. The board will decide on the final price once the company’s fund raising plan is approved by the State Securities Commission, said Hien.
Hapaco reported VND230 billion ($14.4 million) in 2006 revenues, up 45.5 per cent over the previous year, and more than VND20 billion in net profit, a 60 per cent year-on-year increase.
With plans to open the Hai Ha Paper Plant in the second quarter and break ground on a petrochemical plant, Hapaco forecasts 2007 profits to hit VND22 billion on the back of VND260 billion in revenue.
Hapaco is also planning to invest in pulp paper plants, the Tien Sa Pharmaceutical Plant and office real estate.
Source: VNS
The shares will be issued in two lots, the first of which will consist of 9.2 million shares.
The first lot will be handed out as a dividend payment with the remaining shares sold to current shareholders, strategic investors and Hapaco employees.
The second lot will include shares issued as a bonus to existing shareholders with the remaining auctioned to the public.
Hapaco Chairman Nguyen Duong Hien said current shareholders will be able to buy shares in the first lot at VND10,000-25,000 a piece. The board will decide on the final price once the company’s fund raising plan is approved by the State Securities Commission, said Hien.
Hapaco reported VND230 billion ($14.4 million) in 2006 revenues, up 45.5 per cent over the previous year, and more than VND20 billion in net profit, a 60 per cent year-on-year increase.
With plans to open the Hai Ha Paper Plant in the second quarter and break ground on a petrochemical plant, Hapaco forecasts 2007 profits to hit VND22 billion on the back of VND260 billion in revenue.
Hapaco is also planning to invest in pulp paper plants, the Tien Sa Pharmaceutical Plant and office real estate.
Source: VNS
Tuesday, January 16, 2007
HAPACO's refinery project funded by German bank
Tissue paper maker Hapaco said on Tuesday it had secured a deal to borrow 128mio US$ from a German bank to finance a 150mio US$ oil refinery project.
The refinery would have a 1mio tonnes per year capacity in an industrial zone in the northern port of Haiphong in which Belgian-based investment venture International Port Engineering and Management has a stake.
"We are still looking for the financing of the remaining 15% investment for the project," a Hapaco spokeswoman said.
The 128mio US$ is provided by Sachsen LB of Germany.
Hapaco officials have said the plant would use around 20,000 barrels per day of Vietnamese crude oil when it starts operating by 2010.
Several foreign firms including Russia's Techno Star have sought to build refineries with investment of under 500mio US$ but energy experts say none have materialised because of lack of access to crude, which is controlled by state-run oil monopoly Petrovietnam.
Hapaco's stock closed at 40,900 VNDong (2.53 US$) per share on the Ho Chi Minh City Securities Trading Center on Monday, up 4.87% from last Friday, taking its market capitalisation to around 15mio US$.
Vietnam, the third largest crude oil producer in Southeast Asia with average daily output of about 350,000 barrels, still relies entirely on oil product imports as it lacks refineries.
Petrovietnam awarded a contract to build the country's first refinery in June, with the 130,000-bpd plant slated to start operation by early 2009.
Source: Reuters
The refinery would have a 1mio tonnes per year capacity in an industrial zone in the northern port of Haiphong in which Belgian-based investment venture International Port Engineering and Management has a stake.
"We are still looking for the financing of the remaining 15% investment for the project," a Hapaco spokeswoman said.
The 128mio US$ is provided by Sachsen LB of Germany.
Hapaco officials have said the plant would use around 20,000 barrels per day of Vietnamese crude oil when it starts operating by 2010.
Several foreign firms including Russia's Techno Star have sought to build refineries with investment of under 500mio US$ but energy experts say none have materialised because of lack of access to crude, which is controlled by state-run oil monopoly Petrovietnam.
Hapaco's stock closed at 40,900 VNDong (2.53 US$) per share on the Ho Chi Minh City Securities Trading Center on Monday, up 4.87% from last Friday, taking its market capitalisation to around 15mio US$.
Vietnam, the third largest crude oil producer in Southeast Asia with average daily output of about 350,000 barrels, still relies entirely on oil product imports as it lacks refineries.
Petrovietnam awarded a contract to build the country's first refinery in June, with the 130,000-bpd plant slated to start operation by early 2009.
Source: Reuters
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