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
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