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VEAM to debut on UPCoM in July

Update: June, 27/2018 - 14:30
Truck production at VEAM Thanh Hóa factory in the central province of Thanh Hóa. — Photo vccinews.vn
Viet Nam News

HÀ NỘI — The Vietnam Engine and Agricultural Machinery Corporation (VEAM) will trade 1.33 billion shares on the Unlisted Public Company Market (UPCoM) on July 2.

VEAM’s code is VEA and it will debut at VNĐ27,600 (US$1.22) per share, the Hà Nội Stock Exchange said in a statement on Tuesday.

At that price level, the value of the firm is estimated at VNĐ36.6 trillion ($1.5 billion). The company has a charter capital of VNĐ13.3 trillion.

It plans to move to the HCM Stock Exchange in the third quarter of this year.

VEAM used to be a State-owned enterprise and was equitised on January 21, 2017. Current shareholders include the Ministry of Industry and Trade (holding 88.47 per cent of capital), Hoa An Trade and Investment Co. Ltd (six per cent) and foreign investors (3.05 per cent).

VEAM posted VNĐ6.56 trillion in total revenue in 2017, a yearly increase of four per cent. Its post-tax profit in 2017 rose by 13 per cent year-on-year to VNĐ5.1 trillion.

The company targets VNĐ3.54 trillion in total revenue and VNĐ4.9 trillion in post-tax profit in 2018. It expects to pay 28 per cent dividend, almost nine times the 3.7 per cent dividend payout rate in 2017.

In the first quarter of this year, VEAM recorded VNĐ1 trillion in post-tax profit, an annual increase of 27 per cent. — VNS

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