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Viglacera shares to be auctioned in Singapore

Released at: 11:39, 07/05/2017

Viglacera shares to be auctioned in Singapore

Photo: baodautu.vn

With 120 million shares in total up for sale in IPO, company targets raising charter capital by nearly 40%.

by Long Van

The Vietnam Glass and Ceramics for Construction Corporation (Viglacera) will put up shares for sale in Singapore on May 9 as part of its plan to sell 120 million shares in its initial public offering (IPO).

Its shares were also auctioned in Ho Chi Minh City on May 5 and will be auctioned in Hanoi on May 11. 

Chairman Luyen Cong Minh was quoted by local media as saying that the company targets to raise its charter capital from VND3.07 trillion ($135.5 million) to VND4.27 trillion ($188.5 million), up nearly 40 per cent, following the public sales.

The IPO also aims to reduce State ownership from 78.82 per cent to 56.67 per cent, as approved by the State Securities Commission.

Viglacera holds a market share of 40 per cent in building glass, 12 per cent in sanitary ware, 5 per cent in ceramic tiles, and 3 per cent in bricks, according to a report from Bao Viet Securities.

It owns some 390 ha of urban land and ten industrial parks with a total area of 3,560 ha in six provinces, mainly in the north, which have attracted 200 enterprises.

It recorded a profit of VND242 billion ($10.7 million) in the first quarter of this year, surpassing the quarterly target by 69 per cent. Total pre-tax profit for the year is targeted at VND888 billion ($39.2 million), an increase of 16 per cent year-on-year.

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