Ceramics firm Viglacera makes shares debut on HoSE

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 ceramics and tile producer Viglacera Corporation (Viglacera) debuted on the Ho Chi Minh Stock Exchange (HoSE) on May 29.

The company started trading its 448.35 million shares on the HoSE at an initial price of 19,900 VND (0.86 USD) per share, valuing the business at 8.92 trillion VND (383.6 million USD).

The company’s code is VGC. It was previously listed on the Hanoi Stock Exchange but cancelled the listing on May 17.

Its shares gained as much as 17 percent during the day, but then receded to finish Wednesday at 20,500 VND per share – up only 3 percent from the initial price.

At the closing price of 20,500 VND per share, the company’s value is nearly 9.2 trillion VND.

The listing of Viglacera on HoSE will bring good opportunities to raise funding for its business activities, said Deputy Minister of Construction Bui Pham Khanh at the ceremony held for the firm's debut.

“But it will be a big challenge for the firm’s board of directors to make sure the company meets higher standards on transparency, publicity and corporate governance,” he said.

In the first quarter of 2019, Viglacera recorded 2.27 trillion VND in net revenue, up 24 percent year on year, and 180 billion VND in post-tax profit, up 51 percent.

Apart from producing ceramics and tile, the firm also engages in real estate and industrial park development.

The company’s production capacity accounts for 36 percent of the glass market and 11-12 percent of all ceramic output.

Viglacera has also invested in 12 industrial parks with total area of nearly 3,18ha. Of the total, 717ha have been leased by large Republic of Korean and Japanese firms such as Samsung and Sumitomo.-VNA