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HAGL hires assets experts before listing
Hoang Anh Gia Lai Joint Stock Co (HAGL) has signed contracts with KPMG, CB Rechard Ellis and Ernst&Young in order to evaluate assets before its planned share listing in October.
Under the contracts, KPMG will assess HAGL’s assets in several fields, including rubber, hydro-electricity, mining and the company’s hotel business, while CB Rechard Ellis will assess HAGL’s 30 real estate projects across the nation and Ernst&Young will audit the accounts for the company
Chairman of HAGL, Doan Nguyen Duc, said that the company still had to carry out a comprehensive evaluation of assets after having changed from a private enterprise to a joint-stock company in June of 2006.
That has left HAGL with only an estimate of its total asset value, said Duc, who added that company assets are probably much higher than the old estimates. Now the new auditing contract will provide for a full evaluation.
A professional audit by international standard auditors will help HAGL’s managing board to control and improve managing and accounting systems and internal control.
Detailed, precise and reliable information is also needed to build investor confidence and gain strategic shareholders.
According to the plan, the asset valuation will be completed by the end of September, before the listing of shares on the Ho Chi Minh Stock Exchange in October.
Hoang Anh Gia Lai posted pre-tax profit of approximately 915.7 billion VND (55.5 million USD) during the first six months of this year, accounting for 36.6 percent of annual target, equivalent to 2.5 trillion VND (151.5 million USD).
The company targets an annual growth rate of between 30 and 50 percent from now until 2012, said Duc.
HAGL set an annual dividend payout ratio of 49 percent on July 20 for last year’s shares, meaning that investors will receive an additional 49 shares for every 100 shares they hold.
With more than 7,000 employees, the company is one of the nation’s largest private firms, operating in a range of fields including processing and exporting wood furniture, rubber and granite production as will as owning a football team bearing the company’s name.
VNA
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