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Thursday November 30, 1:15 PMVietnam rubber firm to raise $13 mln in IPOHANOI, Nov 30 (Reuters) - Vietnam's small Dong Phu Rubber Co. will sell more than 11 million state shares next week to raise at least $13 million, the Ho Chi Minh City stock market said.The sale of 11,701,300 shares on Dec. 6 would value the firm known as Doruco at $45.6 million, assuming a starting price set for bids at 18,300 dong ($1.14) per share, the exchange said in a statement seen on Thursday. The shares to be offered at the auction represent 29.25 percent of Doruco and the state will retain a 60 percent stake. Thang Long Securities Company is advising on the share sale. Doruco, based in the southern province of Binh Phuoc, is a subsidiary of state-run General Rubber Corporation, the largest of Vietnam's 60 rubber producers. None is yet listed, but two received listing licences earlier this month and will make their debuts on the Ho Chi Minh City market soon. Doruco produces latex from 8,600 hectares (21,250 acres) of rubber trees, or 1.7 percent of Vietnam's rubber area. Natural rubber is the country's second-largest foreign exchange earning farm product after rice. So far this year, rubber exports have surged 76.5 percent from the same period last year to $1.21 billion, government figures show. Vietnam, the world's fourth-largest rubber exporter after Thailand, Indonesia and Malaysia, aims to expand the crop area to 550,000 hectares (1.36 million acres) by 2010, including 50,000 hectares in Laos. 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 to list. Doruco has yet to announce a listing plan. The Ho Chi Minh City Securities Trading Center index, which now lists 56 firms, rose 2.67 percent to close at 633.05 points on Thursday. That is a 105.9 percent up so far this year, making it the world's fastest rising stock index in 2006. Between Dec. 4 and 21, 14 companies are scheduled to make their debuts in Ho Chi Minh City and 14 more have permission to list there but have not announced dates. ($1=16,061 dong) |
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