Shipping company readies IPO
21/08/2007 -- 10:17 AM
Hai Phong (VNA) - Viet Nam Ocean Shipping Joint Stock Company (Vosco) will make an IPO of over 50 million shares via the Ha Noi Securities Trading Centre next month.The share issuance is part of the company's equitisation process, said an official from the company. He added that foreign investors would not be allowed to participate in the auction, without giving a reason. Bao Viet Securities Co was chosen as Vosco's underwriter.
After the IPO, Vosco expects to have equity of 1.4 trillion VND (87.5 million USD), of which the State would hold 60 percent, company executives around 2 percent, strategic investors also at around 2 percent and other investors the remainder.
The company's revenues have risen from 1.41 trillion VND (88.3 million USD) in 2005 to over 1.43 trillion VND (89.5 million USD) in 2006. In the first six months of this year, Vosco posted revenues of 833 billion VND (over 52 million USD) and profits of 26 billion VND (over 1.6 million USD).
Vosco general director Vu Huu Chinh said in a prospectus that revenues were expected to grow 14 percent annually over the next three years to about 2.54 trillion VND (159 million USD) and forecasted profits of 6.53 million USD annually by 2010.
Currently, Vosco operates 26 seagoing vessels, including four small petroleum tankers, and plans to spend 317 million USD on 12 more vessels by 2011.-Enditem
được đăng bởi kude.punny @ 21:47
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