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Friday December 1, 11:34 AMVietnam's steel maker, textiles firms set IPOsHANOI, Dec 1 (Reuters) - A Vietnamese steel maker and three textiles and garment companies will auction state shares to the public later this month to raise a combined $3.77 million, the stock market and one of the firms said on Friday.On Dec. 19, Hanoi-based Thang Long Garment Co would sell 118,864 shares, or 51 percent, and bids could start at 200,000 dong ($12.46) for each 100,000-dong face value share, the Hanoi over-the-counter exchange said in a statement. The starting price set by Thang Long to raise at least $1.48 million valued the firm at $2.9 million. The sales of 2,523,060 shares in Da Nang Steel Co to raise at least $1.58 million on Dec. 21 would value the steel maker at $25.9 million, assuming a starting price for bids at 10,050 dong ($0.63) each, the statement said. Saigon Securities is advising on the share sale. On Dec. 22, Hue Textiles and Garments Co would auction 798,600 shares, or 26.62 percent, on the Hanoi market and investors could start bidding at 10,600 dong ($0.66), the statement said. The offering valued the firm at $1.98 million. In another initial public offering of state shares on Dec. 20, Duc Giang Garment Co said it would sell 228,300 shares at a starting price of 15,000 dong ($0.93). Textiles and garments are Vietnam's largest non-oil export item. No textile or garment makers has listed so far. The government is speeding privatisations to boost the stock 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. None of the textiles companies nor the steel maker have announced their listing plans. The Ho Chi Minh City Securities Trading Center , with 56 firms listed now, gained 2.67 percent to close at 633.05 points on Thursday. That is a 105.9 percent rise so far this year, making it the world's fastest rising stock index in 2006. Between Dec. 4 and 21, 15 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=16,057 dong) |
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