The Viet Nam Infrastructure Limited (VNI) has purchased 3.8 percent of stake of the Tan Tao industrial park joint stock company (ITACO), worth 14.06 million USD.
ITACO, specialising in infrastructure investment and services for industrial zones, is one of the 10 largest companies listed on the Ho Chi Minh Securities Trading Centre.
The has invested in various of parks in the southern key economic region, such as Tan Tao IP in Ho Chi Minh City and Tan Duc IP in Long An province.
Meanwhile, VNI is Viet Nam's first infrastructure investor. It made its debut at the Alternative Investment Market (AIM) on the London Stock Exchange on July 5.
Source: VNA
Showing posts with label ITACO. Show all posts
Showing posts with label ITACO. Show all posts
Tuesday, July 10, 2007
Wednesday, July 04, 2007
Industrial park developer to invest $74 mln in rice, water
The industrial park developer ITACO (ITA) has said it will invest US$74 million to establish two new firms, a rice exporter and a water supplier.
The Tan Tao Industrial Park Developer Group (ITA, formerly Itaco) will hold majority stakes in the two new companies, ITA-Rice Joint Stock Company and ITA-Water Joint Stock Company.
Both firms will be established in southern Vietnam’s Long An Province, which borders Ho Chi Minh City, Vietnam’s business center.
The developer has yet to disclose the percentage stakes it will maintain in each.
For the rice entity, ITA plans to shell out $43 million to acquire 10,000 ha for export rice cultivation, as well as land for a warehouse, rice mills and a 200h urban area.
ITA rice will be shipped to the US and EU markets. ITA and the local government are in land allocation talks.
The developer has also planned a $31 million investment in ITA-Water Joint Stock Company to build a facility that could supply the province with 300,00 cu.m. of water daily.
Last month, the group unveiled that it would pay $32 million for a 51-percent stake in the Long An-based ITA-Power Company and $15 million for a 50-percent stake in North-West Power Joint Stock Company in the northern Lai Chau province.
The group is developing Tan Duc city – an industrial-residential complex covering 1,160 ha in Long An – at a total investment of $320 million.
ITA, which is the first industrial park developer listed in Vietnam, has been operating the Tan Tao industrial park in Ho Chi Minh City since 1997.
In addition the company is also branching out into highway and residential property development projects.
Last year, the company earned VND374 billion in revenue and an after-tax profit of over VND148 billion.
It set to earn VND816 billion in revenue and VND300 billion in profits this year.
Source: Thanh Nien
The Tan Tao Industrial Park Developer Group (ITA, formerly Itaco) will hold majority stakes in the two new companies, ITA-Rice Joint Stock Company and ITA-Water Joint Stock Company.
Both firms will be established in southern Vietnam’s Long An Province, which borders Ho Chi Minh City, Vietnam’s business center.
The developer has yet to disclose the percentage stakes it will maintain in each.
For the rice entity, ITA plans to shell out $43 million to acquire 10,000 ha for export rice cultivation, as well as land for a warehouse, rice mills and a 200h urban area.
ITA rice will be shipped to the US and EU markets. ITA and the local government are in land allocation talks.
The developer has also planned a $31 million investment in ITA-Water Joint Stock Company to build a facility that could supply the province with 300,00 cu.m. of water daily.
Last month, the group unveiled that it would pay $32 million for a 51-percent stake in the Long An-based ITA-Power Company and $15 million for a 50-percent stake in North-West Power Joint Stock Company in the northern Lai Chau province.
The group is developing Tan Duc city – an industrial-residential complex covering 1,160 ha in Long An – at a total investment of $320 million.
ITA, which is the first industrial park developer listed in Vietnam, has been operating the Tan Tao industrial park in Ho Chi Minh City since 1997.
In addition the company is also branching out into highway and residential property development projects.
Last year, the company earned VND374 billion in revenue and an after-tax profit of over VND148 billion.
It set to earn VND816 billion in revenue and VND300 billion in profits this year.
Source: Thanh Nien
Friday, June 22, 2007
Where are billion dollars to be injected?
Vietnamese people heard recently that foreign investment funds are planning to pour several billion dollars worth of capital into Vietnam. And a question has been raised about where the huge capital is to be injected in, as there seems to be no more room for foreign investors.
Foreign investors now hold 49% of shares in big companies, including AGF, BMP, SAM and TAY, and 30% in STB. Under the current regulations, foreign ownership must not be higher than 49% in local joint stock companies, and 30% in local joint stock banks, which means foreign investors have no more opportunities to buy shares of the companies.
Meanwhile, the room for foreign ownership in other companies is also nearly running out: the foreign ownership in BT6 is 48.96%, CII 48.98%, SJS 44.98%, and VNM 46.26%. Especially, REE and SHC “have been well in advance of the age” as the two companies have sold 55.47% and 56.5% of shares respectively to foreign investors
Dang Huu Chau, former student of Tokyo University, who is now the securities broker for many Japanese tourists/securities investors in Vietnamese stock, also said that the share items of which the foreign ownership hits the ceiling level of 49% or 30% are the ones that can bring the fattest profit. Many Japanese investors want to make investments in these blue chips, but they cannot because there is no more room for them.
The Securities Brokerage Division under the Saigon Securities Incorporated (SSI) also said that many foreign investors could not buy the share items they want though they placed orders three weeks ago.
In fact, foreign investors still can buy some blue chips, but just in small volume as the room in these companies is nearly running out. However, as for foreign investment funds, the small volume is not worth their disbursement.
Don Lam, Director General of Vina Capital stressed that only when Vietnam offers more room for foreign investors, can the market become more bustling.
Raising the foreign ownership ratio in local companies proves to be the best solution to lure more foreign capital into Vietnam. However, the State Securities Commission (SSC) has recently stated that the Government of Vietnam does not think of this issue right at this moment. As such, several billion dollars worth of investment capital are still waiting to be injected in Vietnam.
Foreign investors believe that opportunities will come in several months, when a lot of big companies make IPOs. They also heard that SSC is compiling a new regulation on foreign investors’ management, which may allow foreign investment funds to open branches in Vietnam sooner than that stipulated in WTO commitments. However, analysts have warned that there would not be many chances for them, as the companies that make IPOs operate in the fields that limits foreign ownership, including banking, telecommunication and finance.
These companies include Vietcombank, BIDV (banking), MobiFone and Vinaphone (telecommunication).
In May 2007, foreign investors doubled the investment in Vietnam’s stocks: they injected $150mil in stocks in May, while the figure was $80mil in April, equal to the sum of money they poured into Vietnam in December 2006, and February 2007 (Source: Vietnam Monitor 2, June 8, 2007, HSBC Hong Kong).
Garry Evans, the stocks analyst of HSBC, who has been keeping close watch over Vietnam’s stock market, has advised investors to remain cautious with their deals, and not to become aggressive buyers at this moment, since the P/E Index proves to be too high: 34. The analyst said that investors should wait for the IPOs to appear in August, October and December.
However, a lot of foreign investors cannot keep patient as they were advised, as they have been put under hard pressure to disburse funds’ capital. Investment funds from the Republic of Korea, for example, have successfully raised $1bil worth of capital and they now compete with others in capital disbursement. Korean investors are the ones who won the right to buy most of Bao Viet’s shares at the recently held auction.
The analyst has named some share items that foreign investors can still buy in, FPT, VHS, PPC, PVD, SJS and ITA (the foreign ownership in these companies is below 20%). If the HCM City Securities Trading Centre (HSTC) does not offer more commodities, the foreign capital flow will not be able to increase.
Meanwhile, HSTC has reported that it has just received the applications for listing from few companies. At this moment, it seems to be not the right time to list, when the daily trading value is just VND500-600bil ($31.25mil).
Source: VNE
Foreign investors now hold 49% of shares in big companies, including AGF, BMP, SAM and TAY, and 30% in STB. Under the current regulations, foreign ownership must not be higher than 49% in local joint stock companies, and 30% in local joint stock banks, which means foreign investors have no more opportunities to buy shares of the companies.
Meanwhile, the room for foreign ownership in other companies is also nearly running out: the foreign ownership in BT6 is 48.96%, CII 48.98%, SJS 44.98%, and VNM 46.26%. Especially, REE and SHC “have been well in advance of the age” as the two companies have sold 55.47% and 56.5% of shares respectively to foreign investors
Dang Huu Chau, former student of Tokyo University, who is now the securities broker for many Japanese tourists/securities investors in Vietnamese stock, also said that the share items of which the foreign ownership hits the ceiling level of 49% or 30% are the ones that can bring the fattest profit. Many Japanese investors want to make investments in these blue chips, but they cannot because there is no more room for them.
The Securities Brokerage Division under the Saigon Securities Incorporated (SSI) also said that many foreign investors could not buy the share items they want though they placed orders three weeks ago.
In fact, foreign investors still can buy some blue chips, but just in small volume as the room in these companies is nearly running out. However, as for foreign investment funds, the small volume is not worth their disbursement.
Don Lam, Director General of Vina Capital stressed that only when Vietnam offers more room for foreign investors, can the market become more bustling.
Raising the foreign ownership ratio in local companies proves to be the best solution to lure more foreign capital into Vietnam. However, the State Securities Commission (SSC) has recently stated that the Government of Vietnam does not think of this issue right at this moment. As such, several billion dollars worth of investment capital are still waiting to be injected in Vietnam.
Foreign investors believe that opportunities will come in several months, when a lot of big companies make IPOs. They also heard that SSC is compiling a new regulation on foreign investors’ management, which may allow foreign investment funds to open branches in Vietnam sooner than that stipulated in WTO commitments. However, analysts have warned that there would not be many chances for them, as the companies that make IPOs operate in the fields that limits foreign ownership, including banking, telecommunication and finance.
These companies include Vietcombank, BIDV (banking), MobiFone and Vinaphone (telecommunication).
In May 2007, foreign investors doubled the investment in Vietnam’s stocks: they injected $150mil in stocks in May, while the figure was $80mil in April, equal to the sum of money they poured into Vietnam in December 2006, and February 2007 (Source: Vietnam Monitor 2, June 8, 2007, HSBC Hong Kong).
Garry Evans, the stocks analyst of HSBC, who has been keeping close watch over Vietnam’s stock market, has advised investors to remain cautious with their deals, and not to become aggressive buyers at this moment, since the P/E Index proves to be too high: 34. The analyst said that investors should wait for the IPOs to appear in August, October and December.
However, a lot of foreign investors cannot keep patient as they were advised, as they have been put under hard pressure to disburse funds’ capital. Investment funds from the Republic of Korea, for example, have successfully raised $1bil worth of capital and they now compete with others in capital disbursement. Korean investors are the ones who won the right to buy most of Bao Viet’s shares at the recently held auction.
The analyst has named some share items that foreign investors can still buy in, FPT, VHS, PPC, PVD, SJS and ITA (the foreign ownership in these companies is below 20%). If the HCM City Securities Trading Centre (HSTC) does not offer more commodities, the foreign capital flow will not be able to increase.
Meanwhile, HSTC has reported that it has just received the applications for listing from few companies. At this moment, it seems to be not the right time to list, when the daily trading value is just VND500-600bil ($31.25mil).
Source: VNE
Wednesday, June 20, 2007
Itaco to invest $47 mln in engineering firms
Vietnam's Tan Tao Industrial Park Corp (Itaco) said on Wednesday it will invest $47 million for majority stakes in two engineering firms that focus on power plant construction and irrigation projects.
The group said in a statement published by the Ho Chi Minh Stock Exchange it would pay $32 million for a 51-percent stake in the Long An province-based ITA-Power and $15 million for a 50-percent stake in North-West Power JSC in Lai Chau province.
North-West Power JSC has already won a contract to build a 70-megawatt hydro power plant in Lai Chau, the group said.
Itaco, which is the first industrial park developer listed in Vietnam, has been operating the Tan Tao industrial park in Ho Chi Minh City, Vietnam's business centre, since 1997.
In addition to expansion into the energy sector, Itaco is also branching out into highway and residential property development and has two projects in the pipeline in the southern province of Long An worth a total $59 million.
Shares in Itaco closed unchanged on Wednesday at 141,000 dong ($8.75), valuing the company at $525 million.
Source: Thanh Nien
The group said in a statement published by the Ho Chi Minh Stock Exchange it would pay $32 million for a 51-percent stake in the Long An province-based ITA-Power and $15 million for a 50-percent stake in North-West Power JSC in Lai Chau province.
North-West Power JSC has already won a contract to build a 70-megawatt hydro power plant in Lai Chau, the group said.
Itaco, which is the first industrial park developer listed in Vietnam, has been operating the Tan Tao industrial park in Ho Chi Minh City, Vietnam's business centre, since 1997.
In addition to expansion into the energy sector, Itaco is also branching out into highway and residential property development and has two projects in the pipeline in the southern province of Long An worth a total $59 million.
Shares in Itaco closed unchanged on Wednesday at 141,000 dong ($8.75), valuing the company at $525 million.
Source: Thanh Nien
Friday, June 15, 2007
Tan Tao industrial park to raise $59 mln via shares
Vietnam's Tan Tao Industrial Park Corp (ITA - Itaco) would raise $59 million via issuing 20 million shares to invest in the construction of two residential areas, its chief executive said on Tuesday.
Vietnam, with one of the world's fastest growing economies, joined the World Trade Organisation in January but foreign investors say the country needs to do much to improve infrastructure, mainly in the transport and energy sectors.
Itaco, the first industrial park developer listed in Vietnam, will use the proceeds to build Tan Duc and Tan Tao residential areas, establish a university and also boost the firm's finances, CEO Thai Van Men said in a statement.
Existing shareholders who register by June 25 will be qualified to buy 10 million shares under a 6-for-1 plan and pay for the shares between July 5 and Aug. 1.
Itaco's Management Board will finalise the groups of strategic investors and major investors by June 20 to sell 5 million shares to each at a minimum price of 85,000 dong ($5.3) each, Men said but did not give any names.
The investors should pay for the new shares by June 26.
Shares in Itaco edged up 0.71% to close at 141,000 dong ($8.75) on Tuesday, valuing the company at $525 million. The close price gave the company a price/earnings ratio of of 45.48.
Itaco has been operating the Tan Tao industrial park in Ho Chi Minh City, Vietnam's business centre, since 1997.
It has planned to use 567 billion dong ($35 million) from the share issue proceeds to build Tan Duc residential area over a nine-year period in the Mekong delta province of Long An next to Ho Chi Minh City.
Inside Tan Duc area Itaco would invest 468 billion dong ($29 million) in building a university that targets teaching for 3,000 students and vocational training for 10,000 workers by 2010.
Tan Duc residential area is expected to be built at a cost of 657 billion dong ($40.8 million) in Ho Chi Minh City's outskirt district of Binh Chanh to provide housing to employees working in the Tan Tao industrial park.
Itaco reported January to March net profit soaring to 78.3 billion dong ($4.9 million) from just 7.5 billion dong in the first quarter of last year.
Itaco has a ROA of 8.6% and ROE of 26.1%.
Early last month it said a road building company in which Itaco owns a half has secured Long An provincial permission to invest $400 million in a highway linking Ho Chi Minh City's Tan Son Nhat international airport with the Mekong delta province.
Itaco and a Transport Ministry consultant firm have now been researching for the design of the highway, Itaco said.
Source: Reuters
Vietnam, with one of the world's fastest growing economies, joined the World Trade Organisation in January but foreign investors say the country needs to do much to improve infrastructure, mainly in the transport and energy sectors.
Itaco, the first industrial park developer listed in Vietnam, will use the proceeds to build Tan Duc and Tan Tao residential areas, establish a university and also boost the firm's finances, CEO Thai Van Men said in a statement.
Existing shareholders who register by June 25 will be qualified to buy 10 million shares under a 6-for-1 plan and pay for the shares between July 5 and Aug. 1.
Itaco's Management Board will finalise the groups of strategic investors and major investors by June 20 to sell 5 million shares to each at a minimum price of 85,000 dong ($5.3) each, Men said but did not give any names.
The investors should pay for the new shares by June 26.
Shares in Itaco edged up 0.71% to close at 141,000 dong ($8.75) on Tuesday, valuing the company at $525 million. The close price gave the company a price/earnings ratio of of 45.48.
Itaco has been operating the Tan Tao industrial park in Ho Chi Minh City, Vietnam's business centre, since 1997.
It has planned to use 567 billion dong ($35 million) from the share issue proceeds to build Tan Duc residential area over a nine-year period in the Mekong delta province of Long An next to Ho Chi Minh City.
Inside Tan Duc area Itaco would invest 468 billion dong ($29 million) in building a university that targets teaching for 3,000 students and vocational training for 10,000 workers by 2010.
Tan Duc residential area is expected to be built at a cost of 657 billion dong ($40.8 million) in Ho Chi Minh City's outskirt district of Binh Chanh to provide housing to employees working in the Tan Tao industrial park.
Itaco reported January to March net profit soaring to 78.3 billion dong ($4.9 million) from just 7.5 billion dong in the first quarter of last year.
Itaco has a ROA of 8.6% and ROE of 26.1%.
Early last month it said a road building company in which Itaco owns a half has secured Long An provincial permission to invest $400 million in a highway linking Ho Chi Minh City's Tan Son Nhat international airport with the Mekong delta province.
Itaco and a Transport Ministry consultant firm have now been researching for the design of the highway, Itaco said.
Source: Reuters
Thursday, May 10, 2007
Who is the most valuable CEO?
The Refrigeration Electrical Engineering Corporation (REE) created a ‘revolution’ of salary for its CEO Nguyen Thi Mai Thanh. All shareholders attending the REE shareholders’ meeting held in late March 2007 voted to increase Ms Thanh’s wage from VND48 million (US$3,000) per month in 2006 to VND100 million ($6,200) per month this year.
REE shareholders call this a ‘revolution’ because Ms Thanh’s wage had not changed in the previous three years (under a labour contract signed on January 1, 2004, Ms Thanh’s salary is VND48 million per month) and now it has increased by more than two times.
An official of REE commented: “It is understandable to see Ms Mai Thanh’s wage rising like this because this number must be equivalent to the annual growth of REE.”
A human resources expert said that the wages of CEOs of firms listed in the Vietnamese stock market meets the current situation on the market for senior human resources of Vietnam. However, wages are only the easy-to-see part of income of CEOs because the thing that keeps them close to listed firms is that the volume of shares they and their family members own increases each time their companies issue bonus shares and new shares to increase capital.
High bonuses calculated based on the percentage of after-tax profit of the corporations are also a way to retain senior personnel.
Ms Thanh is one of the CEOs of listed companies who began as a state employee. Other CEOs of the same kind include Ms Mai Kieu Lien, Chairman and CEO of the Vietnam Dairy Product Company (Vinamilk), Mr Le Quang Doanh, Chairman and CEO of Binh Minh Plastic Company (BMP), and Ms Pham Thi Viet Nga, Chairman and CEO of the Hau Giang Pharmaceutical Company.
The common thing of those CEOs is that after equitisation they were trusted and appointed to be the representative of the State in the equitised firms. Their fast adaptation to their new working environments has also been highly praised by investors.
The CEO of a fund management company said: “I like Ms Mai Thanh’s to-the-fullest working style. Once my fund was about to issue more fund certificates, she called me at night to ask about the upcoming form of issuance so that REE could buy. I don’t know how she could work that hard, but such is the way of a businessperson who always considers the interest of his company.”
However, many shareholders are beginning to ask if it is in fact good for listed firms to have CEOs who were previously state employees and have stayed in their positions for so long. Because, according to human resources experts, one who sits in a position for a long time will become idle and lack new ideas.
Stock investors admire the group of CEOs who they call ‘two in one’ the most. These are real owners and businessmen, who are considered the richest on the Vietnamese bourse based on the volume and the value of shares they own.
Some big names are Tran Kim Thanh and Tran Le Nguyen of the Kinh Do Group, Truong Gia Binh of the Corporation for Financing and Promoting Technology (FPT), Dang Thanh Tam of the Tan Tao Industrial Zone JS Company (ITACO), Le Van Quang of Company, and Nguyen Duy Hung of the Saigon Securities Trading JS Company (SSI). Wages are no longer important to those CEOs because they are the biggest shareholders of the companies they lead.
Dang Thanh Tam, who has just left the CEO position of ITACO to assume a new post at the HCM City Hi-tech Park, is an example of this kind of CEO. But only several people know that the biggest ability of Mr Tam is designing projects. Projects of thousands of pages are always attractive to this CEO since this man wrote the first lines for the project to establish the Tan Tao Industrial Zone in HCM City.
Mr Tam is also very good at speaking English. He can directly negotiate with foreign partners without translators. He is also an ‘anonymous lawyer’ because he widely understands both Vietnamese and international laws on economics. During his foreign business trips, Ms Tam plays the role of a CEO, a translator, and a lawyer. Thus, he can make decisions very quickly and doesn’t need time to seek outside consultancy.
However, stock investors are still waiting for a new generation of young businessmen who will blow new and strong winds into listed firms. They are professional CEOs who are trained methodically and systematically and have tempered themselves in the international environment.
Phan Bich Van, CEO of Saigon Thuong Tin Bank (Sacombank), is an example. Ms Van worked for the International Finance Company (IFC) under the World Bank and won a Fulbright scholarship to study for a Master’s of Business Administration in the US before working for Sacombank.
As the representative for Sacombank at international workshops, Ms Van has won the hearts of participants with her charm, self-confidence, which have contributed to creating the image of young, talented and professional CEOs of Vietnam in the eyes of international investors.
According to investors, two CEOs considered the most ‘expensive’ in the Vietnamese stock market based on their annual income and success in business affairs are Don Lam, CEO of VinaCapital, and Dominic Scriven, CEO of Dragon Capital.
Don Lam graduated from Toronto University in Canada, majoring in trade and politics, in 1990. He was previously Deputy General Director of PricewaterhouseCoopers Vietnam, in charge of corporate finance consulting and management consulting and Manager in charge of corporate of the Deustche Bank Vietnam.
Dominic Scriven graduated with honours in law and social studies from Exeter University, the UK. He has 15 years of experience in the field of investment, including 13 years in Asia, particularly in Hong Kong and Vietnam. He worked for M&G Investment Management, Sun Hung Kai & Co and Citicorp Investment Bank.
REE shareholders call this a ‘revolution’ because Ms Thanh’s wage had not changed in the previous three years (under a labour contract signed on January 1, 2004, Ms Thanh’s salary is VND48 million per month) and now it has increased by more than two times.
An official of REE commented: “It is understandable to see Ms Mai Thanh’s wage rising like this because this number must be equivalent to the annual growth of REE.”
A human resources expert said that the wages of CEOs of firms listed in the Vietnamese stock market meets the current situation on the market for senior human resources of Vietnam. However, wages are only the easy-to-see part of income of CEOs because the thing that keeps them close to listed firms is that the volume of shares they and their family members own increases each time their companies issue bonus shares and new shares to increase capital.
High bonuses calculated based on the percentage of after-tax profit of the corporations are also a way to retain senior personnel.
Ms Thanh is one of the CEOs of listed companies who began as a state employee. Other CEOs of the same kind include Ms Mai Kieu Lien, Chairman and CEO of the Vietnam Dairy Product Company (Vinamilk), Mr Le Quang Doanh, Chairman and CEO of Binh Minh Plastic Company (BMP), and Ms Pham Thi Viet Nga, Chairman and CEO of the Hau Giang Pharmaceutical Company.
The common thing of those CEOs is that after equitisation they were trusted and appointed to be the representative of the State in the equitised firms. Their fast adaptation to their new working environments has also been highly praised by investors.
The CEO of a fund management company said: “I like Ms Mai Thanh’s to-the-fullest working style. Once my fund was about to issue more fund certificates, she called me at night to ask about the upcoming form of issuance so that REE could buy. I don’t know how she could work that hard, but such is the way of a businessperson who always considers the interest of his company.”
However, many shareholders are beginning to ask if it is in fact good for listed firms to have CEOs who were previously state employees and have stayed in their positions for so long. Because, according to human resources experts, one who sits in a position for a long time will become idle and lack new ideas.
Stock investors admire the group of CEOs who they call ‘two in one’ the most. These are real owners and businessmen, who are considered the richest on the Vietnamese bourse based on the volume and the value of shares they own.
Some big names are Tran Kim Thanh and Tran Le Nguyen of the Kinh Do Group, Truong Gia Binh of the Corporation for Financing and Promoting Technology (FPT), Dang Thanh Tam of the Tan Tao Industrial Zone JS Company (ITACO), Le Van Quang of Company, and Nguyen Duy Hung of the Saigon Securities Trading JS Company (SSI). Wages are no longer important to those CEOs because they are the biggest shareholders of the companies they lead.
Dang Thanh Tam, who has just left the CEO position of ITACO to assume a new post at the HCM City Hi-tech Park, is an example of this kind of CEO. But only several people know that the biggest ability of Mr Tam is designing projects. Projects of thousands of pages are always attractive to this CEO since this man wrote the first lines for the project to establish the Tan Tao Industrial Zone in HCM City.
Mr Tam is also very good at speaking English. He can directly negotiate with foreign partners without translators. He is also an ‘anonymous lawyer’ because he widely understands both Vietnamese and international laws on economics. During his foreign business trips, Ms Tam plays the role of a CEO, a translator, and a lawyer. Thus, he can make decisions very quickly and doesn’t need time to seek outside consultancy.
However, stock investors are still waiting for a new generation of young businessmen who will blow new and strong winds into listed firms. They are professional CEOs who are trained methodically and systematically and have tempered themselves in the international environment.
Phan Bich Van, CEO of Saigon Thuong Tin Bank (Sacombank), is an example. Ms Van worked for the International Finance Company (IFC) under the World Bank and won a Fulbright scholarship to study for a Master’s of Business Administration in the US before working for Sacombank.
As the representative for Sacombank at international workshops, Ms Van has won the hearts of participants with her charm, self-confidence, which have contributed to creating the image of young, talented and professional CEOs of Vietnam in the eyes of international investors.
According to investors, two CEOs considered the most ‘expensive’ in the Vietnamese stock market based on their annual income and success in business affairs are Don Lam, CEO of VinaCapital, and Dominic Scriven, CEO of Dragon Capital.
Don Lam graduated from Toronto University in Canada, majoring in trade and politics, in 1990. He was previously Deputy General Director of PricewaterhouseCoopers Vietnam, in charge of corporate finance consulting and management consulting and Manager in charge of corporate of the Deustche Bank Vietnam.
Dominic Scriven graduated with honours in law and social studies from Exeter University, the UK. He has 15 years of experience in the field of investment, including 13 years in Asia, particularly in Hong Kong and Vietnam. He worked for M&G Investment Management, Sun Hung Kai & Co and Citicorp Investment Bank.
Friday, March 16, 2007
Itaco to issue additional shares
The Tan Tao Industrial Zone JS Company (Itaco) has announced to issue an additional 20 million shares.
Ten millions shares will be sold to Itaco’s current shareholders under the 6:1 ratio (one who owns each six shares can buy one new share). The price will be 50% of the closed price of the day before the day of issuance but the price will not be lower than VND70,000 (4.375 US$) per share.
Five million shares will be sold to big investors in the form of price offerings. The rest five million shares will be allocated to strategic shareholders at the lowest price of VND85,000 (5.312 US$) per share.
The shares will be issued after 90 days since the company received the permission of the State Securities Commission.
Source: VNE
Ten millions shares will be sold to Itaco’s current shareholders under the 6:1 ratio (one who owns each six shares can buy one new share). The price will be 50% of the closed price of the day before the day of issuance but the price will not be lower than VND70,000 (4.375 US$) per share.
Five million shares will be sold to big investors in the form of price offerings. The rest five million shares will be allocated to strategic shareholders at the lowest price of VND85,000 (5.312 US$) per share.
The shares will be issued after 90 days since the company received the permission of the State Securities Commission.
Source: VNE
Thursday, January 11, 2007
ITACO pays high Tet bonuses
Dang Thanh Tam, Director General of the Tan Tao Industrial Zone Development Company (ITACO), said that the company may give bonuses of up to VND1bil ($62,500) to prominent individuals.
Mr Tam said that the high bonus should be seen not only as the recognition of the efforts and high results of labourers, but also as a method to keep talents. Therefore, it is understandable why the company plans to give such a high bonus.
Prominent individuals will be given a gift which is equal to 10-20% of the turnover the individuals can bring to the company. One staff of the company received a 1mio US$ bonus on the 2005 Tet. The lowest bonus level applied in the company was 7mio VND per person, equal to two month’s pay.
Besides the bonus given on Tet as gifts, the staffs who hold key positions in the company for more than three years and commit to work for the company for a long time will be allocated land and vehicles for travelling. At the weekend, they can go on holiday with these vehicles while still receiving full pay. Any staff of ITACO who wants to follow training courses to increase their knowledge will be supported by the company.
When ITACO began listing on the bourse in November, all the members of the company were given a bonus in the form of company shares.
Source: VNE
Mr Tam said that the high bonus should be seen not only as the recognition of the efforts and high results of labourers, but also as a method to keep talents. Therefore, it is understandable why the company plans to give such a high bonus.
Prominent individuals will be given a gift which is equal to 10-20% of the turnover the individuals can bring to the company. One staff of the company received a 1mio US$ bonus on the 2005 Tet. The lowest bonus level applied in the company was 7mio VND per person, equal to two month’s pay.
Besides the bonus given on Tet as gifts, the staffs who hold key positions in the company for more than three years and commit to work for the company for a long time will be allocated land and vehicles for travelling. At the weekend, they can go on holiday with these vehicles while still receiving full pay. Any staff of ITACO who wants to follow training courses to increase their knowledge will be supported by the company.
When ITACO began listing on the bourse in November, all the members of the company were given a bonus in the form of company shares.
Source: VNE
Wednesday, November 15, 2006
ITACO share prize explodes
Share value of ITACO - Tan Tao Industrial Park Corporation, more than tribled on their debut to close at VND54,000 ($3.36) from a starting price of VND15,000. ACB owns 9.33 percent of Itaco.
Tuesday, November 14, 2006
Industrial park Itaco offers shares to public
Vietnam's Tan Tao Industrial Park Corporation will debut on the Ho Chi Minh City stock exchange on November 15, becoming the first industrial park operator to list. The firm will trade 45 million shares valued at VND450 billion (US$28 million).
In the short-term, the company plans to raise funds for construction of Tan Duc city, an industrial-residential complex covering 1,175 hectares in southern Long An province, at cost of VND5 trillion ($320 million).
Under the plan, Tan Duc city would be home to the 540ha industrial park and other service facilities for banking, insurance, heath-care, training and warehousing.
Itaco has been operating the Tan Tao industrial park in Ho Chi Minh City since 1997. The park houses around 220 projects invested by both foreign and domestic companies with combined capital of $122 million and VND5.2 trillion ($322 million) respectively. The company has leased out all initially available land.
In the short-term, the company plans to raise funds for construction of Tan Duc city, an industrial-residential complex covering 1,175 hectares in southern Long An province, at cost of VND5 trillion ($320 million).
Under the plan, Tan Duc city would be home to the 540ha industrial park and other service facilities for banking, insurance, heath-care, training and warehousing.
Itaco has been operating the Tan Tao industrial park in Ho Chi Minh City since 1997. The park houses around 220 projects invested by both foreign and domestic companies with combined capital of $122 million and VND5.2 trillion ($322 million) respectively. The company has leased out all initially available land.
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