Shares in Vietnam's Thong Nhat Rubber Company (TNC) dropped limit down 20 percent on their debut on the Ho Chi Minh City Stock Exchange on Wednesday.
TNC set a starting price at 50,000 dong ($3.1) each for the shares' first day of listing but investors only paid 40,000 dong ($2.47) for each of the total 98,380 shares sold during Wednesday's trading session, figures from the exchange showed.
The closing price valued the firm at nearly $48 million.
Prior to Wednesday debut, shares in TNC, which is based in the southern province of Ba Ria-Vung Tau, were traded in the unofficial markets at 60,000-65,000 dong ($3.7-$4.0), about four times the average prices fetched in the firm's IPO in March 2006.
TNC produces and exports rubber latex from 2,090 hectares (5,200 acres) of plantations.
Natural rubber is Vietnam's second-largest foreign exchange earning farm product after rice. January to July's rubber exports eased 3.2 percent from a year ago to 344,000 tonnes, government figures show.
Vietnam, the world's fourth-largest rubber exporter after Thailand, Indonesia and Malaysia, aims to raise rubber output to 700,000 tonnes from 550,000 hectares (1.36 million acres) under plantation by 2010, including areas in Laos and Cambodia.
It has projected to export 780,000 tonnes of rubber this year, compared with 708,000 tonnes shipped last year, from 490,000 hectares under plantation.
Thong Nhat Rubber Co targets a flat net profit this year of about 23 billion dong ($1.42 million) as 2007's revenues were expected to remain unchanged from 2006 at 127 billion dong ($7.8 million), its prospectus showed.
Source: Reuters
Showing posts with label Rubber. Show all posts
Showing posts with label Rubber. Show all posts
Wednesday, August 22, 2007
Monday, August 13, 2007
Thong Nhat Rubber Company to debut on main bourse Aug 22
Vietnam's Thong Nhat Rubber Company (TNC) will float all of its 19.25 million shares on the Ho Chi Minh City Stock Exchange next week, company officials said on Monday.
TNC shares would begin trading on Aug. 22 at a starting price of 50,000 dong ($3.1) each, valuing the firm at nearly $60 million, an official at Thong Nhat's equity department said.
Shares of the company, based in the southern province of Ba Ria-Vung Tau, were being traded in the unofficial markets at about 60,000 to 65,000 dong ($3.7-$4.0), about four times the average prices fetched in the firm's IPO in March 2006.
TNC produces and exports rubber latex from 2,090 hectares (5,200 acres) of plantations.
Natural rubber is Vietnam's second-largest foreign exchange earning farm product after rice. January to July's rubber exports eased 3.2 percent from a year ago to 344,000 tonnes, government figures show.
Vietnam, the world's fourth-largest rubber exporter after Thailand, Indonesia and Malaysia, aims to raise rubber output to 700,000 tonnes from 550,000 hectares (1.36 million acres) under plantation by 2010, including areas in Laos and Cambodia.
It has projected to export 780,000 tonnes of rubber this year, compared with 708,000 tonnes shipped last year, from 490,000 hectares under plantation.
Thong Nhat Rubber Co targets a flat net profit this year of about 23 billion dong ($1.42 million) as 2007's revenues were expected to remain unchanged from 2006 at 127 billion dong ($7.8 million), its prospectus showed.
Source: Reuters
TNC shares would begin trading on Aug. 22 at a starting price of 50,000 dong ($3.1) each, valuing the firm at nearly $60 million, an official at Thong Nhat's equity department said.
Shares of the company, based in the southern province of Ba Ria-Vung Tau, were being traded in the unofficial markets at about 60,000 to 65,000 dong ($3.7-$4.0), about four times the average prices fetched in the firm's IPO in March 2006.
TNC produces and exports rubber latex from 2,090 hectares (5,200 acres) of plantations.
Natural rubber is Vietnam's second-largest foreign exchange earning farm product after rice. January to July's rubber exports eased 3.2 percent from a year ago to 344,000 tonnes, government figures show.
Vietnam, the world's fourth-largest rubber exporter after Thailand, Indonesia and Malaysia, aims to raise rubber output to 700,000 tonnes from 550,000 hectares (1.36 million acres) under plantation by 2010, including areas in Laos and Cambodia.
It has projected to export 780,000 tonnes of rubber this year, compared with 708,000 tonnes shipped last year, from 490,000 hectares under plantation.
Thong Nhat Rubber Co targets a flat net profit this year of about 23 billion dong ($1.42 million) as 2007's revenues were expected to remain unchanged from 2006 at 127 billion dong ($7.8 million), its prospectus showed.
Source: Reuters
Tuesday, August 07, 2007
Rubber group targets multi-sector development
Multi-sector development is the new way forward for the Vietnam Rubber Group (VRG) as it becomes a pioneer in the agricultural sector changing its operation under the agro-industry and service structure.
In addition to latex processing, VRG is striving to raise annual outputs to 3 million sets of auto tyres and to 700 km of conveyer belts as well as step up production of rubber materials for other industries, said Tran Kien Quyet, the group’s CEO.
Last year, the group invested over 400 billion VND (25 million USD) in the Ben Thanh Rubber Conveyer Belt Factory in Ho Chi Minh City’s Cu Chi district and a wood processing factory in central Quang Tri province. Their products will be used for cement and coal sectors with prices two or three times cheaper than imported materials.
Quyet said that his group is promoting cooperation with the Da Nang Rubber Company, the Southern Rubber Company and India’s Aboll Company to invest in tyre production and raise the capacity of its four existing wood processing factories.
The group also plans to build a new 50,000 cu.m wood processing plant in the southern province of Binh Phuoc, he added.
VRG has also injected 300 million USD into other sectors such as engineering production, seaport management, transportation, construction materials, real estate, hotel services and tourism.
In order to address the problem that land available for domestic rubber plantation has been reduced, several VRG affiliates have intended to develop rubber growing and processing in Vietnam's neighbouring countries Laos and Cambodia.
Huynh Van Khiet, Director of the Dac Lac Rubber Company, an affiliate of VRG, said his company decided to build rubber processing plants in Laos and Cambodia because the two countries offer more agreeable land and climate conditions for the development of rubber trees.
Over the past few decades, rubber has been a valuable industrial tree in Vietnam. Latex is one of the country’s key export items with a turnover of nearly 1.3 billion USD in 2006 and the tree has made remarkable contributions to forest coverage, land erosion prevention and poverty reduction in many localities.
Vietnam is now the world’s sixth largest rubber producer and fourth exporter (after Thailand, Indonesia and Malaysia), with a total area of 450,000 ha and an annual output of 400,000 tonnes. China is the largest importer of Vietnam's rubber.
Vietnam’s rubber area and output are predicted to continue increasing in the coming years and may reach 700,000 ha and 600,000 tonnes respectively in 2010. Export turnover of this product is expected to remain at over 1 billion USD per year.
Source: VNE
In addition to latex processing, VRG is striving to raise annual outputs to 3 million sets of auto tyres and to 700 km of conveyer belts as well as step up production of rubber materials for other industries, said Tran Kien Quyet, the group’s CEO.
Last year, the group invested over 400 billion VND (25 million USD) in the Ben Thanh Rubber Conveyer Belt Factory in Ho Chi Minh City’s Cu Chi district and a wood processing factory in central Quang Tri province. Their products will be used for cement and coal sectors with prices two or three times cheaper than imported materials.
Quyet said that his group is promoting cooperation with the Da Nang Rubber Company, the Southern Rubber Company and India’s Aboll Company to invest in tyre production and raise the capacity of its four existing wood processing factories.
The group also plans to build a new 50,000 cu.m wood processing plant in the southern province of Binh Phuoc, he added.
VRG has also injected 300 million USD into other sectors such as engineering production, seaport management, transportation, construction materials, real estate, hotel services and tourism.
In order to address the problem that land available for domestic rubber plantation has been reduced, several VRG affiliates have intended to develop rubber growing and processing in Vietnam's neighbouring countries Laos and Cambodia.
Huynh Van Khiet, Director of the Dac Lac Rubber Company, an affiliate of VRG, said his company decided to build rubber processing plants in Laos and Cambodia because the two countries offer more agreeable land and climate conditions for the development of rubber trees.
Over the past few decades, rubber has been a valuable industrial tree in Vietnam. Latex is one of the country’s key export items with a turnover of nearly 1.3 billion USD in 2006 and the tree has made remarkable contributions to forest coverage, land erosion prevention and poverty reduction in many localities.
Vietnam is now the world’s sixth largest rubber producer and fourth exporter (after Thailand, Indonesia and Malaysia), with a total area of 450,000 ha and an annual output of 400,000 tonnes. China is the largest importer of Vietnam's rubber.
Vietnam’s rubber area and output are predicted to continue increasing in the coming years and may reach 700,000 ha and 600,000 tonnes respectively in 2010. Export turnover of this product is expected to remain at over 1 billion USD per year.
Source: VNE
Tuesday, July 24, 2007
Taniruco shares dip slightly on debut
Shares in Vietnam's Tay Ninh Rubber Company (Taniruco) dipped 3.3 percent on their debut on Tuesday, but held above levels previously seen in the unofficial market.
Shares in the rubber export firm closed at 145,000 dong ($8.98) on the Ho Chi Minh Stock Exchange, having listed at 150,000 dong.
Taniruco, now the 109th listed firm on Vietnam's main exchange, was valued at nearly $270 million.
One broker who declined to be named said Taniruco shares had traded at around 110,000 dong on the grey market, while another grey market quotation on July 21 had the price at between 102,000-105,000 dong a share.
"On the first trading day companies like to have something concrete to make a good image," he said, adding that on their debut shares normally perform within a 5 percent band of their unofficial price.
In Vietnam investors can trade shares within a 20 percent band on their debut date, according to stock market rules.
The VN Index has run out of steam in the last month, losing almost 7 percent. But it is still up around 31 percent so far this year after surging 145 percent in 2006.
Taniruco, based in the southern province of Tay Ninh, said it expects a 40 percent rise in 2007 net profit to 200 billion dong. The first quarter's net earnings totaled 45.6 billion dong ($2.8 million), company reports said.
Source: Reuters
Shares in the rubber export firm closed at 145,000 dong ($8.98) on the Ho Chi Minh Stock Exchange, having listed at 150,000 dong.
Taniruco, now the 109th listed firm on Vietnam's main exchange, was valued at nearly $270 million.
One broker who declined to be named said Taniruco shares had traded at around 110,000 dong on the grey market, while another grey market quotation on July 21 had the price at between 102,000-105,000 dong a share.
"On the first trading day companies like to have something concrete to make a good image," he said, adding that on their debut shares normally perform within a 5 percent band of their unofficial price.
In Vietnam investors can trade shares within a 20 percent band on their debut date, according to stock market rules.
The VN Index has run out of steam in the last month, losing almost 7 percent. But it is still up around 31 percent so far this year after surging 145 percent in 2006.
Taniruco, based in the southern province of Tay Ninh, said it expects a 40 percent rise in 2007 net profit to 200 billion dong. The first quarter's net earnings totaled 45.6 billion dong ($2.8 million), company reports said.
Source: Reuters
Monday, July 23, 2007
Wood processor's shares jump 20 pct on debut
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
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
Saturday, July 21, 2007
Horuco H1 net up on timber sales
Hoa Binh Rubber Company (HRC, Horuco), a member of leading Vietnam Rubber Group, said on Friday its first-half net profit rose by nearly a third, largely due to the sale of timber from rubber trees.
The company's net profit for the period jumped 28 percent to 61.6 billion dong ($3.8 million). Horuco made 17.5 billion dong from selling outdated rubber trees as timber in the January to June period, compared with the 2 billion dong in the year-ago period.
Revenue eased 2.8 percent to 125 billion dong ($7.7 million) as latex exports fell 11.4 percent to 72.89 billion dong ($4.5 milion), Horuco's Director Huynh Van Bao said in a stock exchange statement.
Revenue from latex processing also fell 18.2 percent from the year-ago period to 505 million dong.
"We have liquidated some old rubber farms, selling the trees as timber that has added up to our profit," spokesman Banh Manh Duc said by telephone.
Shares in Horuco closed flat at 173,000 dong ($10.7) on Friday, valuing the firm at $185 million.
Vietnam is the world's fourth-largest rubber exporter after Thailand, Indonesia and Malaysia. Horuco's parent firm, the Vietnam Rubber Group, produces 60 percent of Vietnam's total rubber output of 546,000 tonnes in 2006.
Source: Reuters
The company's net profit for the period jumped 28 percent to 61.6 billion dong ($3.8 million). Horuco made 17.5 billion dong from selling outdated rubber trees as timber in the January to June period, compared with the 2 billion dong in the year-ago period.
Revenue eased 2.8 percent to 125 billion dong ($7.7 million) as latex exports fell 11.4 percent to 72.89 billion dong ($4.5 milion), Horuco's Director Huynh Van Bao said in a stock exchange statement.
Revenue from latex processing also fell 18.2 percent from the year-ago period to 505 million dong.
"We have liquidated some old rubber farms, selling the trees as timber that has added up to our profit," spokesman Banh Manh Duc said by telephone.
Shares in Horuco closed flat at 173,000 dong ($10.7) on Friday, valuing the firm at $185 million.
Vietnam is the world's fourth-largest rubber exporter after Thailand, Indonesia and Malaysia. Horuco's parent firm, the Vietnam Rubber Group, produces 60 percent of Vietnam's total rubber output of 546,000 tonnes in 2006.
Source: Reuters
Wednesday, July 18, 2007
TANIRUCO plans share debut on July 24
Vietnam's Tay Ninh Rubber Company (Taniruco) plans to start trading shares on the Ho Chi Minh Stock Exchange next week after securing a listing licence, a company source said on Wednesday.
"We have proposed July 24 as the starting date and are now in the process of getting the exchange's approval," the source said a day after the exchange licensed Taniruco to list all its 30 million shares.
Taniruco, valued at $240 million on the unofficial markets, would be the second new firm to list on the country's main stock exchange this year. Thuan An Wood Processing Co., a subsidiary of top rubber firm Vietnam Rubber Group, is due to list on Monday.
In January, Pha Lai Power Co (PPC) moved its listing top Ho Chi Minh City from the over-the-counter Hanoi stock market.
Taniruco, based in the southern province of Tay Ninh, is a small rubber exporter, shipping 14,000 tonnes of the 708,000 tonnes exported last year from Vietnam, the fourth-largest rubber exporter after Thailand, Indonesia and Malaysia.
Its shares last traded at around 130,000 dong ($8) on the unregulated, unofficial markets, valuing the company at $240 million.
Taniruco reported its net profit jumped 50.5 percent to 143 billion dong ($8.8 million) last year from 2005 .
It expects a 40 percent rise in 2007 net profit to 200 billion dong and reported a net profit of 45.6 billion dong ($2.8 million) in the first quarter.
In December, the firm raised about $36 million in an initial public offering of nearly 8.4 million state shares which sold at an average price of 68,341 dong ($4.2).
Last month, a company official said Taniruco was finalising plans to grow 10,000 hectares (24,700 acres) of rubber in Cambodia next year.
Source: Reuters
"We have proposed July 24 as the starting date and are now in the process of getting the exchange's approval," the source said a day after the exchange licensed Taniruco to list all its 30 million shares.
Taniruco, valued at $240 million on the unofficial markets, would be the second new firm to list on the country's main stock exchange this year. Thuan An Wood Processing Co., a subsidiary of top rubber firm Vietnam Rubber Group, is due to list on Monday.
In January, Pha Lai Power Co (PPC) moved its listing top Ho Chi Minh City from the over-the-counter Hanoi stock market.
Taniruco, based in the southern province of Tay Ninh, is a small rubber exporter, shipping 14,000 tonnes of the 708,000 tonnes exported last year from Vietnam, the fourth-largest rubber exporter after Thailand, Indonesia and Malaysia.
Its shares last traded at around 130,000 dong ($8) on the unregulated, unofficial markets, valuing the company at $240 million.
Taniruco reported its net profit jumped 50.5 percent to 143 billion dong ($8.8 million) last year from 2005 .
It expects a 40 percent rise in 2007 net profit to 200 billion dong and reported a net profit of 45.6 billion dong ($2.8 million) in the first quarter.
In December, the firm raised about $36 million in an initial public offering of nearly 8.4 million state shares which sold at an average price of 68,341 dong ($4.2).
Last month, a company official said Taniruco was finalising plans to grow 10,000 hectares (24,700 acres) of rubber in Cambodia next year.
Source: Reuters
Thursday, July 12, 2007
Wood processor plans July 23 share debut
Vietnam's Thuan An Wood Processing Company is set to list 8.4 million shares on the Ho Chi Minh Stock Exchange later this month, becoming the 108th firm on the board, the exchange said in a statement.
Shares in the rubber wood processor, valued at about $31 million based on its unofficial market share price of around 60,000 dong ($3.70) in early May, will start trading on July 23.
The 8.407 million shares represent the firm's registered capital of 84 billion dong ($5.2 million).
Thuan An, based in the southern province of Binh Duong, is a subsidiary of Vietnam Rubber Group, and gets 51 percent of its sales from exports to the United States, Europe and several Asian countries.
Exports of wooden products are Vietnam's fifth-largest foreign exchange earning product after crude oil, textiles, footwear and seafood.
In April 2005, Thuan An sold 95,310 state-held shares, a 23.7 percent stake, with a face value of 100,000 dong at an average price of 128,329 dong ($7.96) in an initial public offering. It has since raised its registered capital to 84 billion dong.
Another rubber firm, Tay Ninh Rubber Company, has also received a licence to list on the exchange but has yet to announce a debut date.
Source: Reuters
Shares in the rubber wood processor, valued at about $31 million based on its unofficial market share price of around 60,000 dong ($3.70) in early May, will start trading on July 23.
The 8.407 million shares represent the firm's registered capital of 84 billion dong ($5.2 million).
Thuan An, based in the southern province of Binh Duong, is a subsidiary of Vietnam Rubber Group, and gets 51 percent of its sales from exports to the United States, Europe and several Asian countries.
Exports of wooden products are Vietnam's fifth-largest foreign exchange earning product after crude oil, textiles, footwear and seafood.
In April 2005, Thuan An sold 95,310 state-held shares, a 23.7 percent stake, with a face value of 100,000 dong at an average price of 128,329 dong ($7.96) in an initial public offering. It has since raised its registered capital to 84 billion dong.
Another rubber firm, Tay Ninh Rubber Company, has also received a licence to list on the exchange but has yet to announce a debut date.
Source: Reuters
Ministry of Trade says rubber rumours hurting export market
The Ministry of Trade is warning rubber exporters of potentially fallacious rumours in the market about falling prices and oversupply in China, the largest single buyer of Vietnamese rubber products.
There is unverified information that tyre and tube stockpiles in China are exceptionally high. As a result, export prices to China have fallen while other markets remain stable.
The Viet Nam Rubber Association (VRA) yesterday quoted exports at around US$2,000 a tonne.
The ministry urged executives to keep calm and asked companies to study the rumour closely, saying this might be an attempt to artificially force prices lower.
The VRA added that it was normal for prices to fall during this time of year.
"It is now the rainy season and rubber yields are large. So while supply is much higher than demand, it is normal for prices to fall," said Tran Thi Thuy Hoa, VRA general secretary.
More than 60% of Vietnamese rubber is exported to China annually.
"Orders from China are increasing. Currently, many companies have come to the VRA to make orders and have asked us introduce them to local rubber producers," said Hoa.
The World Rubber Organisation estimates that global demand will increase by 6% during the latter half of the year. The organisation estimates that next year China's demand for rubber will increase by 9%, while the US' will rise by 4.7% and EU by 2.2%.
In the first half of 2007, Vietnam earned $527mil from exporting rubber, up 1.5% over the same period last year.
On Monday, a delegation of Malaysian rubber executives arrived in HCM City to study potential investment projects here and met with Ministry of Agriculture and Rural Development officials.
A conference was held yesterday between the VRA and Malaysian Rubber Committee to explore strengthening bilateral co-operation and exchange business opportunities.
Experts believe that Vietnamese rubber yields will increase to 1.5mil tonnes by 2020 if the country 15 successful in expanding the area for rubber tree plantations to one million hectares.
Source: VNE
There is unverified information that tyre and tube stockpiles in China are exceptionally high. As a result, export prices to China have fallen while other markets remain stable.
The Viet Nam Rubber Association (VRA) yesterday quoted exports at around US$2,000 a tonne.
The ministry urged executives to keep calm and asked companies to study the rumour closely, saying this might be an attempt to artificially force prices lower.
The VRA added that it was normal for prices to fall during this time of year.
"It is now the rainy season and rubber yields are large. So while supply is much higher than demand, it is normal for prices to fall," said Tran Thi Thuy Hoa, VRA general secretary.
More than 60% of Vietnamese rubber is exported to China annually.
"Orders from China are increasing. Currently, many companies have come to the VRA to make orders and have asked us introduce them to local rubber producers," said Hoa.
The World Rubber Organisation estimates that global demand will increase by 6% during the latter half of the year. The organisation estimates that next year China's demand for rubber will increase by 9%, while the US' will rise by 4.7% and EU by 2.2%.
In the first half of 2007, Vietnam earned $527mil from exporting rubber, up 1.5% over the same period last year.
On Monday, a delegation of Malaysian rubber executives arrived in HCM City to study potential investment projects here and met with Ministry of Agriculture and Rural Development officials.
A conference was held yesterday between the VRA and Malaysian Rubber Committee to explore strengthening bilateral co-operation and exchange business opportunities.
Experts believe that Vietnamese rubber yields will increase to 1.5mil tonnes by 2020 if the country 15 successful in expanding the area for rubber tree plantations to one million hectares.
Source: VNE
Tuesday, July 03, 2007
Rubber firm wins listing approval
A small Vietnamese rubber firm won preliminary approval on Tuesday to list on the country's main stock market, the exchange said in a statement.
When licensed, Tay Ninh Rubber Company, or Taniruco, would be the first to debut on the Ho Chi Minh Stock Exchange this year and only the country's second after small builder Cholonres (RCL) made its debut on the Hanoi market on June 14.
Taniruco needed to complete more paperwork before receiving a listing licence, the Ho Chi Minh Stock Exchange statement said without elaboration.
It would be the third rubber firm to list after Hoa Binh Rubber Co. (HRC) and Danang Rubber Co. (DRC).
Based in the southern province of Tay Ninh, Taniruco is a small rubber exporter, shipping 14,000 tonnes of the 708,000 tonnes exported from Vietnam in 2006.
Taniruco shares traded at 128,000 dong to 130,000 dong ($7.9-$8) on the unregulated, unofficial markets late last week, up from 110,000-112,000 dong in May before it applied for a listing. The firm was therefore valued at $240 million.
Its net profit jumped 50.5 percent last year from 2005 to 143 billion dong ($8.8 million).
In December, the firm raised about $36 million in an initial public offering of nearly 8.4 million shares held by the state which sold at an average price of 68,341 dong ($4.2).
Last month, a company official said Taniruco was finalising plans to growing rubber trees on 10,000 hectares (24,700 acres) of land in Cambodia next year.
Source: Reuters
When licensed, Tay Ninh Rubber Company, or Taniruco, would be the first to debut on the Ho Chi Minh Stock Exchange this year and only the country's second after small builder Cholonres (RCL) made its debut on the Hanoi market on June 14.
Taniruco needed to complete more paperwork before receiving a listing licence, the Ho Chi Minh Stock Exchange statement said without elaboration.
It would be the third rubber firm to list after Hoa Binh Rubber Co. (HRC) and Danang Rubber Co. (DRC).
Based in the southern province of Tay Ninh, Taniruco is a small rubber exporter, shipping 14,000 tonnes of the 708,000 tonnes exported from Vietnam in 2006.
Taniruco shares traded at 128,000 dong to 130,000 dong ($7.9-$8) on the unregulated, unofficial markets late last week, up from 110,000-112,000 dong in May before it applied for a listing. The firm was therefore valued at $240 million.
Its net profit jumped 50.5 percent last year from 2005 to 143 billion dong ($8.8 million).
In December, the firm raised about $36 million in an initial public offering of nearly 8.4 million shares held by the state which sold at an average price of 68,341 dong ($4.2).
Last month, a company official said Taniruco was finalising plans to growing rubber trees on 10,000 hectares (24,700 acres) of land in Cambodia next year.
Source: Reuters
Wednesday, April 04, 2007
Danang Rubber Co. expects profit increase by 14% this year
Vietnamese tyre maker Danang Rubber Company (DRC, listed at VSE) said on Tuesday it expected a 14% rise in net profit this year to 63 billion dong ($3.9 million).
Revenues of the firm, which produces tyres for bicycles, motorbikes and cars, were expected to rise 15.5% from last year to 1.07 trillion dong ($66.5 million), company president Nguyen Quoc Tuan said in a statement.
The rises in revenues and profit would come from expanded production capacity and robust export demand, especially for made-to-order special tyres, Tuan said in the statement published by the Ho Chi Minh City Securities Center.
Exports were expected to rise 13% from last year to $5 million, the statement said.
On Tuesday, shares in the Danang-based firm fell 3.4% to 199,000 dong ($12.4).
Source: Reuters
Revenues of the firm, which produces tyres for bicycles, motorbikes and cars, were expected to rise 15.5% from last year to 1.07 trillion dong ($66.5 million), company president Nguyen Quoc Tuan said in a statement.
The rises in revenues and profit would come from expanded production capacity and robust export demand, especially for made-to-order special tyres, Tuan said in the statement published by the Ho Chi Minh City Securities Center.
Exports were expected to rise 13% from last year to $5 million, the statement said.
On Tuesday, shares in the Danang-based firm fell 3.4% to 199,000 dong ($12.4).
Source: Reuters
Monday, December 18, 2006
Rubber share price almost quadrupled at auction
Vietnam's Tay Ninh Rubber Co. has raised 573.22bio VND (35.6mio US$) from an auction of nearly 8.4 million shares.
Tay Ninh Rubber Co. sold the state shares on offer, or 28% of its stock, at an average price of 68,341VND (4.25US$) at its initial public offering last Thursday.
The pricing gave the firm an initial market value of 127.5mio US$ after the auction in which 103 institutional and nearly 1,600 individual investors sought to buy nearly seven times more shares than were on offer.
Foreign investors bought more than 2.9 million shares, or 34% of those sold.
Source: Reuters
Tay Ninh Rubber Co. sold the state shares on offer, or 28% of its stock, at an average price of 68,341VND (4.25US$) at its initial public offering last Thursday.
The pricing gave the firm an initial market value of 127.5mio US$ after the auction in which 103 institutional and nearly 1,600 individual investors sought to buy nearly seven times more shares than were on offer.
Foreign investors bought more than 2.9 million shares, or 34% of those sold.
Source: Reuters
Wednesday, December 13, 2006
Vietnamese rubber exports boost in 2006
Vietnam's rubber exports reached 1.65 bio US$ from Jan. to Nov. 2006, an increase of 300mio US$ ahead of 2005's figure.
Increased export turnover was driven by a rise in rubber prices, up 6-7 mio VND (375US$-437US$) per tonne from last year. Average export prices in 2005 were 1,370US$/ton, compared to an average price of 1,163US$/ton in 2004.
Vietnam now ranked sixth in rubber production in the world and fourth in natural rubber exports after Thailand, Indonesia and Malaysia, according to the International Rubber Association.
Vietnamese rubber was currently being exported to 20 countries, of which China was the leading importer. Chinas overall rubber demand was expected to increase 6% per year by 2010.
Over the next five years, global demand for natural rubber was expected to increase at a rate of about 3.3% annually, according to the International Rubber Search Group (IRSG).
By 2010, the worlds demand for natural rubber would reach 9.6 tons/year while production output was likely to hit only 9.3mio tons.
Source: VNA
Increased export turnover was driven by a rise in rubber prices, up 6-7 mio VND (375US$-437US$) per tonne from last year. Average export prices in 2005 were 1,370US$/ton, compared to an average price of 1,163US$/ton in 2004.
Vietnam now ranked sixth in rubber production in the world and fourth in natural rubber exports after Thailand, Indonesia and Malaysia, according to the International Rubber Association.
Vietnamese rubber was currently being exported to 20 countries, of which China was the leading importer. Chinas overall rubber demand was expected to increase 6% per year by 2010.
Over the next five years, global demand for natural rubber was expected to increase at a rate of about 3.3% annually, according to the International Rubber Search Group (IRSG).
By 2010, the worlds demand for natural rubber would reach 9.6 tons/year while production output was likely to hit only 9.3mio tons.
Source: VNA
Thursday, December 07, 2006
Rubber company raised 39mio US$ in IPO
Vietnam's small Dong Phu Rubber Co. has raised 626.04bio VND (39mio US$) by selling more than 11 million state shares. The firm, known as Doruco, sold all 11,701,300 shares on offer at an average price of 53,502 VND (3.33 US$) each at its initial public offering on Wednesday.
Doruco is a subsidiary of state-run General Rubber Corporation, the largest of Vietnam's 60 rubber producers.
Doruco, which has yet to announce a listing plan, produces latex from 8,600 hectares of rubber trees.
Source: Reuters
Doruco is a subsidiary of state-run General Rubber Corporation, the largest of Vietnam's 60 rubber producers.
Doruco, which has yet to announce a listing plan, produces latex from 8,600 hectares of rubber trees.
Source: Reuters
Tuesday, November 28, 2006
Rubber firm seeks 9.56mio US$ in IPO
The Tay Ninh Rubber Co. said in a statement it would sell 27.96 percent of its stock, in an initial public offering on Dec. 14 as part of its partial privatisation, not saying, how many shares would remain in state ownership after the auction. The starting price for bids is set at 18,300 VND (1.14 US$) per share, which suggests a company value at $34.2 million.
The company is based in the southern province of Tay Ninh bordering Cambodia and the first of Vietnam's 60 rubber producers to go public.
Natural rubber is Vietnam's second-largest foreign exchange earning farm product after rice. So far this year, rubber exports have surged 76.5 percent from the same period last year to 1.2 billion US$. Vietnam, the world's fourth-largest rubber exporter after Thailand, Indonesia and Malaysia, aims to expand its rubber area to 550,000 hectares by 2010, including 50,000 hectares in Laos, from 480,000 hectares now.
Source: Reuters
The company is based in the southern province of Tay Ninh bordering Cambodia and the first of Vietnam's 60 rubber producers to go public.
Natural rubber is Vietnam's second-largest foreign exchange earning farm product after rice. So far this year, rubber exports have surged 76.5 percent from the same period last year to 1.2 billion US$. Vietnam, the world's fourth-largest rubber exporter after Thailand, Indonesia and Malaysia, aims to expand its rubber area to 550,000 hectares by 2010, including 50,000 hectares in Laos, from 480,000 hectares now.
Source: Reuters
Subscribe to:
Posts (Atom)
