The Viet Nam Dairy Products Joint Stock Company (Vinamilk) is hoping to become the first Vietnamese company to list on a foreign bourse by joining the Singapore Stock Exchange sometime in 2007. The next might be Financing and Promoting Technology Corporation (FPT), whose target is 2008.
|Vinamilk hopes to become the first Vietnamese company to list on a foreign bourse|
Le Thi Bang Tam, who chairs the State Capital Investment Corporation of Viet Nam, says both Vinamilk and FPT have the Singapore bourse in mind.
At US $930 million, Vinamilk has the biggest market capitalization of any company listed on the Ho Chi Minh City Securities Trading Center.
Unsurprisingly the corporation holds a 75% share of Viet Nam’s dairy goods market, and it is also involved in real estate, warehousing and freight forwarding.
Ms. Tam points out that many foreign investors have shown an interest in Vinamilk stock, partly because of its operational efficiency and enormous growth potential.
FPT is a big company too and has a market capitalization of US $680 million. Its prospects are reflected in the recent acquisition of a 10% stake by Texas Pacific Group and an Intel subsidiary.
On December 13 FPT is scheduled to officially list 60 million shares at the Ho Chi Minh City Securities Trading Center with a starting price of VND160,000 (and a book value of VND10,000).
FPT is Viet Nam’s leading IT company and boasts annual growth exceeding 40 percent. In the past three years its revenues and profits rose between 74 and 164 percent per annum.