Vietnam’s ceramic producers to auction shares in Singapore
5/9/17 1:53 PM
The Vietnam Glass and Ceramics for Construction Corporation (Viglacera) will put up shares for sale in Singapore on May 9 as part of the company’s plan to sell 120 million shares in its initial public offering (IPO).
The company plans the next auction in Hanoi on May 11.
On May 5, the company’s shares were auctioned in Ho Chi Minh City on May 5.
According to Chairman of Viglacera’s Board of Directors Luyen Cong Minh, the company targets to increase its charter capital from VND3.07 trillion (US$135.5 million) to VND4.27 trillion (US$188.5 million) following the public sale.
The IPO also aims to reduce state owned capital in the company from 78.82% to 56.67% as approved by the State Security Commission of Vietnam.
Viglacera’s share offering has drawn attention from both domestic and foreign investors. Investment funds have taken interest in Viglacera’s development route in the coming time, especially its key sectors- building materials and industrial real estate.
Viglacera holds 40% of the market share of building glass, 12% of sanitary ware, 5% of ceramic tiles and 3% of bricks, according to a report by the Bao Viet Securities Joint Stock Company.
The construction material company owns some 390 hectares of urban land and 10 industrial parks with a total area of 3,560 hectares in six provinces, mainly in the north, which have attracted 200 enterprises.
Viglacera reported its profit of VND242 billion (US$10.7 million) in the first quarter of this year, surpassing its quarterly target by 69%. It aims to earn a total pre-tax profit of VND888 billion (US$39.2 million) this year, a rise of 16% year-on-year.
The company is striving to maintain its position as a pioneer in building material producer and a prestigious investor in property business. Increasing charter capital aims to enhance financial capacity and ensure business activities, helping raise the company’s competitiveness and influence in both domestic and international markets.