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
Showing posts with label DRC. Show all posts
Showing posts with label DRC. Show all posts
Tuesday, July 03, 2007
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
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