A Song Hong Garment factory at the Yen Lap Industrial Zone in the northern province of Phu Tho (Photo baophutho.com.vn)
 
Hanoi (VNA) - The Ho Chi Minh Stock Exchange (HoSE) has approved the listing of Song Hong Garment Joint Stock Company on the southern bourse.

The Song Hong Garment JSC will debut on HoSE on November 28 by listing more than 47.6 million shares with the code MSH, the market said in a statement.

The company will start trading at the price of 45,000 VND (1.93 USD) per share, making its market capitalisation up to 2.14 trillion VND (91.9 million USD) on the debut day.

The company’s shares are able to increase or decline within a daily band of 20 percent on the debut day, meaning its price may rise as high as 54,000 VND or fall as far as 36,000 VND by the end of the debut.

The company, headquartered in the northern province of Nam Dinh, produces garment products for both domestic and overseas markets and was founded in 1988.

As of October 1, the company had 511 shareholders, including four institutional investors and 507 individuals.

From 2014 to 2017 the company’s profit kept increasing from 142 billion VND to 200.4 billion VND. In the first nine months of 2018, the company recorded nearly 3 trillion VND in net revenue, a yearly increase of 21 percent, and 273 billion VND in net profit, a yearly growth of 100 percent.

From 2015 to 2017, the company paid 45 percent dividend in cash each year. The cash dividend payout rate is planned at 35-40 percent for 2018 and 35 percent from 2019.

The Song Hong Garment JSC targets a 7 percent year-on-year revenue rise for 2018, to land at 3.5 trillion VND. Its profit gained 15 percent to 230 billion VND.-VNA