stocks begin trading
|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
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
"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.
regulations the company is only allowed to list the number of shares it has
issued to domestic investors. — VNS