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Ninh Hoa Sugar to list on HCM City exchange
Ninh Hoa Sugar Joint Stock Company (NSC) will become a listed firm on the HCM City Stock Exchange tommorow.
The firm, based in central Khanh Hoa Province, will have a reference price of VND35,000 (US$1.8) for its 8.1 million shares.
Foreign investors will have an opportunity to hold shares as to date none of them are shareholders. The cap limit for foreigners is 49 per cent.
Currently the company has 5,200ha of sugar cane plantations and targets to enlarge that to 7,500ha by 2015.
NSC is investing in production capacity to increase to 3,000 tonnes of sugar cane per day in 2011 from the current 2,400 tonnes.
The company will also use post-production materials to make fertiliser, with a 25,000-tonne NPK fertiliser production line expected to begin operation next year.
Another line producing between 5,000 and 7,000 tonnes of bio-fertiliser will be operational in 2012.
Sugarcane refuse will be used to generate power, according to company director Nguyen Thi Hoa.
Last year NSC earned a net profit of more than VND64 billion, more than twice the 2008 figure, mainly due to increased sugar prices.
The company has set this year's net profit goal of VND34 billion. The first quarter profit reached VND22 billion.
Shareholders will receive 20 per cent dividends this year, as they did in 2009.
vietnamnews
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