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Civil engineering giant to make IPO
Civil constructor Song Hong Corporation will auction nearly 6.8 million shares on November 9 in Ha Noi Stock Exchange, sources said.
The offering price was set at VND14,000 a piece, based on the assessment of the corporate value as of January 1, 2009, said Tran Van Son, Deputy Minister of Construction, noting that this price would reflect the business prospect after its equitisation.
The corporation is now executing several big projects, including Ngoi Hut I Hydropower Plant and the Thai Ha complex of high-rise buildings, Royal Song Hong Restaurant and Nhon Trach Residential Area. These projects, upon their completion, would ensure a good business performance for the corporation in the future.
Song Hong Corporation has a charter capital of VND300 billion (US$16.85 million), of which the State will still hold a 51 per cent stake after equitisation. Bao Viet Securities is the consultant of the corporation in this initial public offering.
"We will have a roadshow on this auction in which our managers will explain more about the listings after the IPO," said a representative from the corporation’s Accounting Department.
The corporation will potentially spend a 24.5 per cent stake on the selection of strategic partners [including domestic and foreigners], the representative said, revealing that it was considering the strategic co-operation of PetroVietnam Construction Corporation.
In addition, the corporation is asking permission from the Ministry of Construction to make a strategic partnership with Thien Viet Securities and Debt and Asset Trading Corporation.
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