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Kinh Do stocks begin trading

Update: December, 13/2005 - 00:00

Kinh Do stocks begin trading

(13-12-2005)

Kinh Do workers package moon cakes. — VNA/VNS Photo Van Khanh

HCM CITY — Trading of shares in the HCM City-based Kinh Do Corporation (KDC) began yesterday, making it the third confectioner on the HCM City Securities Trading Centre board.

KDC joins Bibica and North Kinh Do (NKD).

Last month the State Securities Commission (SSC) granted KDC a license to list its 25 million shares with the trading centre.

More thanŠ 13,000 KDC shares with a face value of VND10,000 went for VND59,000 each in yesterday’s sessions.

KDC chairman Tran Kim Thanh reported his company’s annual profit growth at 20 per cent.

In the first 11 months of the year KDC earned VND84.2 billion (US$5.26 million) in net profit from VND702 billion ($45 million) in turnover.

Thanh told Viet Nam News that the NKD and KDC, both members of the Kinh Do Group, planned to merge in mid-2006. He said he had already contacted several consulting firms for advice on the merger.

NKD shares were trading at VND55,500 yesterday.

"The merger should proceed in such a fashion that all shareholders’ interests are protected," Thanh stressed.

A variety of large international investors, including Prudential, Vietnam Opportunity Fund and Temasek, have already invested in KDC.

Thanh said that the company was awaiting a legal framework in order to be listed on the Singapore Stock Exchange, a move that would promote the Kinh Do brand name as well as raise funds for the company’s expansion outside the country.

Two additional firms are expected to list with the trading centre in the coming weeks: Nhi Hiep Brick and Tile Company on Friday and Taya Electric Wire and Cable Company (Taya Vietnam) early next year, according to centre director Tran Dac Sinh.

Taya, Viet Nam’s first foreign-invested turned joint stock firm, received its listing license from the SSC early this month.

In late May, 20 per cent of the VND183 billion ($11.5 million) Taiwanese-owned company was sold to the public in Viet Nam, or more than 3.6 million shares.

Under Vietnamese regulations the company is only allowed to list the number of shares it has issued to domestic investors. — VNS

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