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HCM City welcomes three new listings
One investment fund and two property companies were listed on the HCM City Stock Exchange on Monday.
Viet Nam Active Investment Fund (VFA) under the VietFund Management company (VFM) listed more than 24 million units with a reference price set at VND10,300 (US$0.684). It closed the first trading day at VND10,000.
VFA is a public, closed-end, five-year term fund, which completed its fundraising in March.
One foreign institution represents 16.3 per cent of the total units. Seventeen domestic institutions account for more than 56 per cent, and 119 Vietnamese own a combined stake of 27.4 per cent.
VFA is the third closed end fund under VFM, the two others, VF1 and VF4, are now listed on the HCM City Stock Exchange.
According to VFM's Investment Director, Luong Thi My Hanh, VFA's portfolio includes listed securities and listed bonds, monetary instruments and other assets.
Areas of investment are mining, infrastructure, real estate, energy and food and beverage.
HCM City-based real estate developer, Cotecland, listed as CLG, has charter capital of VND100 billion of which its parent institution Cotec Group holds 51 per cent.
The company has 14 projects of office buildings, residential areas and resorts about to start construction in the 2010-2012 period in HCM City, Vung Tau, Binh Duong in southern Viet Nam and the ancient quarter of Hoi An in the centre, according to chairman Dao Duc Nghia. One major project is the VND1.5 trillion Blue Sapphire Resort that will develop on a 7.6-ha in Vung Tau city with a four-star hotel and 38 villas by 2014.
Others include the 1.6 ha Blue Sapphire Tower Vung Tau complex comprising a trading centre, office space and apartment buildings and the 6.3-ha Phu Gia Residential Area in HCM City.
This year Cotecland targets a total turnover of VND242 billion, which is expected to yield a profit of over VND80 billion.
Shareholders will receive 35 per cent dividends.
The figures will increase to VND523 billion turnover, VND160 billion profit and 40 per cent dividends next year, and VND711 billion, VND169 billion and 45 per cent dividends respectively in 2012.
Nghia said he planned to double the charter capital to VND200 billion by 2011, with 5 million new shares going to shareholders and the remaining 5 million to investment funds.
The reference price for CLG was VND42,000 and its closing price was VND41,800.
The Quoc Cuong Gia Lai (QCG) based in the Central Highland province of Gia Lai listed more than 60 million shares at a reference price of VND42,500, and closed at VND45,500.
Apart from property, QCG also operates rubber-growing and hydropower projects.
The company expects to earn a profit of VND360 billion this year from a turnover of VND1.080 trillion, up from 2009's VND123 billion and VND611 billion, respectively.
vietnamnews
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