Major Vietnam construction firm plans IPO

“A major state-run construction firm,Vietnam Construction and Import Export Corporation (Vinaconex) plans to go for initial public offering early next month. It would raise 450 billion dong (US$28.2 million) via issuing an undisclosed number of shares to employees and raise the remaining 200 billion dong via auctions. 

The issue would last up to six months,but Hanoi-based Vinaconex did not say how many shares would be sold from September. 

Vinaconex said on its website (www.vinaconex.com.vn): 

• that it has a total of 150 million shares to represent its registered capital of 1.5 trillion dong (US$94 million); 

• Established in 1988,Vinaconex operates in a wide range of businesses from construction to real estate and financial investment; 

• Affiliates are building the National Convention Centre,the venue for the Asia-Pacific Economic Cooperation forum summit in Hanoi in November and Vietnam’s biggest hydropower project,the US$2.3 billion Son La plant and 

• Vinaconex has completed the privatisation of its affiliates and would list several of them on the country’s stock market in 2007. 

The Ho Chi Minh City Securities Trading Center trades in shares of 48 companies and several types of government and bank bonds. It has a stock market capitalisation of around US$2.9 billion. 

The Vietnam Index lost 2.5% to close at 470.12 points on Aug 22. –Reuters 

(Source:The Edge Malaysia(22/8/06) 

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