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Thursday November 2, 3:12 PMVietnam oil transporter plans IPOHANOI, Nov 2 (Reuters) - The Falcon Shipping Company, a small Vietnamese oil transport firm, will auction state shares to the public later this month to raise at least $2 million, the stock market said on Thursday.The shipping firm would sell 3,149,300 state shares, or 39.37 percent of its total shares, in an initial public offering on Nov. 17 to reduce government ownership, the Ho Chi Minh City exchange said in a statement. The state would still own 51 percent of the Ho Chi Minh City-based Falcon and employees would hold the remaining 9.63 percent after the auction, a company report said. Falcon, established in 1995, set a starting price for bids at 10,100 dong ($0.63) per share. The Transport Ministry valued the firm at 252.6 billion dong ($15.7 million) on Dec. 31, 2005. Falcon transports oil products and offers logistics, port facilities and shipping services. It also trades in real estate. The government has been accelerating privatisations to boost the capital market, and plans to retain full ownership or major stakes only in industries linked closely to national defence and security. State-run companies often undergo partial privatisation by selling shares to employees and outsiders before applying for a licence to list shares on the stock market. Falcon has yet to announce a listing plan. The VN Index fell 0.85 percent to close at 516.95 points on Thursday, having risen 68 percent so far this year, making it the fastest rising Asian stock index in 2006. The six-year-old market has 52 companies and a capitalisation of $3.2 billion. Four companies have set debut dates later this month and in December, while three more have permission to list but have not announced dates. ($1=16,050 dong) |
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