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

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

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