Business

Fertiliser firm set to launch IPO

The PetroVietnam Ca Mau Fertilizer Company is set to make an initial public offering on December 11 before listing on the Ho Chi Minh Stock Exchange.
The PetroVietnam Ca Mau Fertilizer Company is set to make an initialpublic offering on December 11 before listing on the Ho Chi Minh StockExchange.

The State-owned enterprise has yet to tie up withstrategic foreign partners for a stake sale though it is consideringseveral of them.

General Director Bui Minh Tien told a seminar inHo Chi Minh City on November 25 about the IPO that almost 129 millionshares, or over 24 percent of the capital, would be auctioned at the HoChi Minh Stock Exchange at a reference price of 12,000 VND (0.57 USD).

Another25 percent is expected to be sold to strategic investors, includingforeign, who would strengthen the company's financial capacity andmanage and help improve its performance.

The Government will continue to hold a 51 percent stake.

PVCFC,a member of the PetroVietnam group, was established in March 2011. Ithas a 900 million USD plant in Ca Mau province that produces 800,000tonnes of Phan Dam Ca Mau – Hat Ngoc Mua Vang (Ca Mau Fertilizer – thePearl of Golden Crops) brand fertiliser a year.

It began commercial production in early 2012.

Lastyear, though the supply in the market exceeded demand, the companymanaged to sell around 750,000 tonnes of its products to achieverevenues of almost 6.26 trillion VND (298 million USD).

In the first nine months of this year it sold 590,000 tonnes for 4.28 trillion VND (203.81 million USD).

Thecompany targets net profits of 654 billion VND (31.14 million USD) onsales of 5.6 trillion VND (266.67 million USD) this year.

Next year the figures may rise to 775 billion VND and 6.1 trillion VND (290.48 million USD).-VNA
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