Vietnam's largest fish exporter, Navico, raised about $42 million through the sale of around 10% of its shares in an initial public offering, traders said Thursday. Navico, 60-percent family owned, sold the 6 million shares at an average of VND113,000 dong – a 13% premium to the initial offering price, they added.
Traders said investors bid between VND111,000-172,000 ($6.8-$10.7) for each of the shares, which have a face value of VND10,000.
Navico Chief Executive Doan Toi said in an interview with Reuters in April the firm would list it shares on the Ho Chi Minh Stock Market next month.
Navico forecast on June 15 that its net profit would rise by more than a quarter this year to VND321 billion ($19.9 million), helped by strong sales of catfish to Europe.
Formally known as Nam Viet Joint Stock Co., Navico operates four fish processing plants in the Mekong delta, and accounted for nearly 5% of Vietnam's $3.3 billion of fish exports by 900 exporters last year.
It forecast a return-on-equity of 48.6% and a dividend payment of 20% this year, with the ROE rising to 51.8% in 2008, and the dividend payout to 22%.
Navico aims to increase fish exports, mainly catfish products, to $250 million this year from $163 million in 2006, Chief Executive Doan Toi has said.
Source: VNE
Showing posts with label Navico. Show all posts
Showing posts with label Navico. Show all posts
Friday, June 22, 2007
Friday, June 15, 2007
Vietnam Navico sees yr net up 25% on fish exports
Vietnam's largest fish exporter, Navico, forecast on Friday its net profit would rise by more than a quarter this year to 321 billion dong ($19.9 million), helped by strong sales of catfish to Europe.
Formally known as Nam Viet Joint Stock Co., Navico operates four fish processing plants in the Mekong delta, and accounted for nearly 5% of Vietnam's $3.3 billion of fish exports by 900 exporters last year.
The unlisted firm plans a June 21 initial public offering of 6 million shares, hoping to raise at least $37.2 million. Bao Viet Securities will underwrite the issue.
In a statement via the Ho Chi Minh Stock Exchange , Navico said it expected revenues this year to grow 26% to 3.42 trillion dong ($212 million). Revenues more than doubled last year to 2.71 trillion dong on robust export growth.
January-April net profit rose to 169.22 billion dong ($10.5 million), or 52.7% of the full-year net profit target, Navico said in a statement, but gave no comparative figures.
It forecast a return-on-equity of 48.6% and a dividend payment of 20% this year, with the ROE rising to 51.8% in 2008, and the dividend payout to 22%.
Navico, 60% owned by a family, aimed to increase fish exports, mainly catfish products, to $250 million this year from $163 million in 2006, Chief Executive Doan Toi has said.
European markets, including Russia, accounted for more than half its sales, followed by around 30% to Asia.
Fish and shrimp are Vietnam's fourth-largest foreign exchange earner after crude oil, textiles and footwear. Catfish exports alone are forecast to jump 35.7% this year to $1 billion.
An Giang province-based Navico warned of the risks it faced from contaminated water sources due to the rapid growth of family-based fish farming -- a concern echoed by the industry as a whole.
Exporters also say they face problems with the overuse of chemicals and antibiotics such as chloramphenicol in products bought from local farmers.
Source: Reuters
Formally known as Nam Viet Joint Stock Co., Navico operates four fish processing plants in the Mekong delta, and accounted for nearly 5% of Vietnam's $3.3 billion of fish exports by 900 exporters last year.
The unlisted firm plans a June 21 initial public offering of 6 million shares, hoping to raise at least $37.2 million. Bao Viet Securities
In a statement via the Ho Chi Minh Stock Exchange , Navico said it expected revenues this year to grow 26% to 3.42 trillion dong ($212 million). Revenues more than doubled last year to 2.71 trillion dong on robust export growth.
January-April net profit rose to 169.22 billion dong ($10.5 million), or 52.7% of the full-year net profit target, Navico said in a statement, but gave no comparative figures.
It forecast a return-on-equity of 48.6% and a dividend payment of 20% this year, with the ROE rising to 51.8% in 2008, and the dividend payout to 22%.
Navico, 60% owned by a family, aimed to increase fish exports, mainly catfish products, to $250 million this year from $163 million in 2006, Chief Executive Doan Toi has said.
European markets, including Russia, accounted for more than half its sales, followed by around 30% to Asia.
Fish and shrimp are Vietnam's fourth-largest foreign exchange earner after crude oil, textiles and footwear. Catfish exports alone are forecast to jump 35.7% this year to $1 billion.
An Giang province-based Navico warned of the risks it faced from contaminated water sources due to the rapid growth of family-based fish farming -- a concern echoed by the industry as a whole.
Exporters also say they face problems with the overuse of chemicals and antibiotics such as chloramphenicol in products bought from local farmers.
Source: Reuters
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