Giant ceramic and tile producer Viglacera on Wednesday started trading its 448.35 million shares on the Ho Chi Minh Stock Exchange, two weeks after it cancelled its listing on the Hanoi market. (Photo cafef.vn )HCM City (VNA) - Vietnam’s largest ceramicsand tile producer Viglacera Corporation (Viglacera) debuted on the Ho Chi MinhStock Exchange (HoSE) on May 29.
The company started trading its 448.35 million shares on the HoSE at an initialprice of 19,900 VND (0.86 USD) per share, valuing the business at 8.92 trillionVND (383.6 million USD).
The company’s code is VGC. It was previously listed on the Hanoi StockExchange but cancelled the listing on May 17.
Its shares gained as much as 17 percent during the day, but then receded tofinish Wednesday at 20,500 VND per share – up only 3 percent from theinitial price.
At the closing price of 20,500 VND per share, the company’s value isnearly 9.2 trillion VND.
The listing of Viglacera on HoSE will bring goodopportunities to raise funding for its business activities, said DeputyMinister of Construction Bui Pham Khanh at the ceremony held for the firm'sdebut.
“But it will be a big challenge for the firm’s board of directors to make surethe company meets higher standards on transparency, publicity and corporategovernance,” he said.
In the first quarter of 2019, Viglacera recorded 2.27 trillion VND in netrevenue, up 24 percent year on year, and 180 billion VND in post-tax profit, up51 percent.
Apart from producing ceramics and tile, the firm also engages inreal estate and industrial park development.
The company’s production capacity accounts for 36 percent of the glass marketand 11-12 percent of all ceramic output.
Viglacera has also invested in 12 industrial parks with total area of nearly3,18ha. Of the total, 717ha have been leased by large Republic of Korean andJapanese firms such as Samsung and Sumitomo.-VNA
