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HoSE welcomes new listed firm
The Nam Bay Bay Investment Corporation (NBB) became on Feb. 18 the latest company listed on Ho Chi Minh Stock Exchange, the 173rd on its board.
NBB has a charter capital of 154 billion VND (8.8 million USD), up from 10 billion VND in 2005 when it changed from a State-owned firm to a joint stock company via equitisation.
Foreign investors account for almost 11 percent of the chartered capital. The State owns less than 7 percent.
The corporation’s main operations include real estate business, financial investment, civil and industrial construction and power production.
Last year, NBB netted a profit of more than 55 billion VND from a total turnover of 179 billion VND, compared to 2.5 billion VND and 76 billion VND, respectively in 2006.
General director Doan Tuong Trieu said shareholders would receive a 14 percent dividend in cash for 2008.
He told the English-language Vietnam News that the executive board has agreed on this year’s target of 300 billion VND in turnover. The figure is expected to yield a net profit of 65 billion VND. However, these figures as well as 2009’s dividend will be officially decided by the annual shareholder meeting to be held in April.
The company has 13 projects under development including eight residential buildings and a hydropower plant.
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