HA NOI — Real estate developer Vincom (VIC) will list over 158 million additional shares on the HCM City Stock Exchange today, marking the completion of its merger with tourism and hospitality leading company-Vinpearl and becoming the market's leading share by capitalisation.
The market capitalisation of the stock is estimated at over VND62 trillion (US$3 billion), accounting for 13 per cent of the HCM City market. After the merger, Vincom's registered charter capital will total VND5.5 trillion ($262 million).
The new shares will be issued in swap for shares of Vinpearl, formerly coded VPL.
At the same time, Vincom will be renamed Viet Nam Investment Group (Vingroup), operating both in commercial and tourism properties. Four business sectors of the new entity will be real estate development, tourist and recreation, beauty care and high quality healthcare services.
"The merger of the two companies combines Vincom's and Vinpearl's strengths, creating Vingroup's competitive strengths and capability," said Tao Minh Duong, head of Bao Viet Securities Co's corporate finance division, the consulting agent for Vincom during the merger. The merger would also make VIC a more alluring stock to investors, Duong predicted. — VNS