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Mineral giant Vinacomin to conduct IPO

Released at: 16:21, 13/04/2015

Mineral giant Vinacomin to conduct IPO

Funds forthcoming will help Vinacomin to reach its target of nearly VND6 trillion ($279 million) of revenue in 2017.

by Tue Lam

Vinacomin-Mineral Holding Cooperation (VIMICO) will conduct an initial public offering (IPO) on April 24.

It will auction 46.6 million shares on the Hanoi Stock Exchange at VND10,000 ($0.5) per share, equal to 23.3 per cent of its charter capital after equalization.

The total value of the state capital on April 1, 2014 of VIMICO was over VND2 trillion ($93.89 million), which is the amount that the corporation expects its charter capital to be after privatization.

VIMICO is a leading Vietnam metallurgical company trading in the exploitation and processing of ferrous and rare metals such as copper, tin, zinc, lead, gold, and silver.

As of December 21, 2014, VIMICO had capital contribution in 14 subsidiaries, operating mainly in the fields of mining and mineral processing, hotels, transport, mining equipment and supplies, and real estate management services. In addition, VIMICO has four associated companies and businesses in gold, silver, and other precious stone production and the trading of building materials. After equalization, VIMOCO is targeting the establishment of high-tech metal mining centres. 

VIMICO plans to gain revenue of nearly VND6 trillion ($279 million) with profit before tax of  VND107 billion ($4.9 million) in 2017. 

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