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Major firms urged to list shares
The Vietnam Association for Financial Investors (VAFI) is urging officials to hasten the listing of shares of five major companies this year on the nation’s stock markets, in an effort to raise the number of shares attractive to foreign investors.
The group proposes fast-tracking the listings of Vietcombank, shares of which have traded on the OTC market for over a year, and of recently equitised Vietinbank, as well as of beverage makers Sai Gon Beer and Alcoholic Beverages Corporation (Sabeco) and Hanoi Beer Alcohol Beverages Corporation (Habeco).
Lastly, it urges the listing of MobiFone, which would put a major mobile phone service provider on the stock market.
VAFI general secretary Nguyen Hoang Hai said that four of these firms ware capitalised at over 1 billion USD each, and that all have good business performance and high development potential.
Listing their shares would help boost capitalisation of the nation’s structure, VAFI said in its proposal to officials.
“Many major foreign investors prefer to invest in major businesses,” said Hai. “This measure will help boost foreign indirect investment via the stock market and help ignite the market.”
The State was a major shareholder in all the five companies, however, which would require a quick change in corporate governance to improve management quality, Hai said.
Vietcombank made its initial public offering (IPO) in December 2007 and planned to list last year, but the listing has been delayed several times due to the bank’s failure to conclude negotiations with a foreign strategic investor.
Vietinbank made its IPO last December but has yet to hold a general shareholders meeting, while Sabeco and Habeco each completed equitisation about a year ago.
Only MobiFone is still undergoing equitisation and has prepared to make an IPO possibly in the second quarter of this year, with shares to be listed in the fourth quarter, VAFI said.
To help MobiFone conduct a successful IPO, the firm’s management should reconsider its plan to increase charter capital, Hai said.
vna
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