16:35 | 08/05/2017 Companies
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).
|Viglacera will put up shares for sale in Singapore on May 9 - Photo: baodautu.vn|
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 3.07 trillion VND (135.5 million USD) to 4.27 trillion VND (188.5 million USD) following the public sale.
The IPO also aims to reduce state owned capital in the company from 78.82 percent to 56.67 percent 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 percent of the market share of building glass, 12 percent of sanitary ware, 5 percent of ceramic tiles and 3 percent 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 242 billion VND (10.7 million USD) in the first quarter of this year, surpassing its quarterly target by 69 percent. It aims to earn a total pre-tax profit of 888 billion VND (39.2 million USD) this year, a rise of 16 percent 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.