Business

TV station VTVCab set to list on UPCoM next week

The Hanoi Stock Exchange (HNX) has approved the listing of 45.7 million shares of Vietnam Television Cable Corporation (VTVCab) on the Unlisted Public Company Market (UPCoM) with the code CAB.
TV station VTVCab set to list on UPCoM next week ảnh 1An advertising board of Vietnam Television Cable Corporation (VTVCab) in Hanoi. (Photo: thuonggiaonline.vn)

Hanoi (VNS/VNA) - The Hanoi Stock Exchange (HNX) has approved the listing of 45.7 million shares of Vietnam Television Cable Corporation (VTVCab) on the Unlisted Public Company Market (UPCoM) with the code CAB.

The first trading day is scheduled for September 6. With a starting price of 140,900 VND (6.13 USD) per share, VTVCab's market capitalisation will exceed 6.4 trillion VND (274 million USD) on the first day of trading.

In April 2018, while implementing equitisation, VTVCab issued more than 42 million shares for its initial public offering (IPO) at the starting price of 140,900 VND per share.

The number of shares brought to auction accounted for 47.8 percent of VTVCab's expected charter capital after equitisation. However, VTVCab's IPO was not successful as only one investor registered a bid.

In June 2018 VTVCab began operating as a joint stock company with charter capital of 457.5 billion VND, equivalent to 45.74 million shares registered for trading, 664,800 shares of which were sold at a preferential price to company employees. Since equitisation, VTVCab has yet to increase its charter capital.

Regarding shareholder structure, after equitisation, Vietnam Television (VTV) is the parent company holding 98.55 percent of VTVCab, which currently operates in paid television services, wired telecommunications activities and advertising.

VTVCab also has a number of member companies such as Viet Thanh Technology JSC (51 percent owned), VTVLife JSC (51 percent), VTVCab Sports Development JSC (50.1 percent), and VTVCab Nam Dinh (39 percent), among others.

Regarding business results, consolidated revenue in 2018 reached 2.949 trillion VND and pre-tax profit was 74.3 billion VND. VTVCab forecast 2019 revenue of 3.5 trillion VND and strives to reach 4.5 trillion VND by 2022. Pre-tax profit in 2019 is expected to reach 81.2 billion VND and 282.5 billion VND by 2022.

In the first quarter of 2019, VTVCab had more than 501 billion VND in revenue and over 7.3 billion VND in after-tax profit, far from the target for the year. — VNS/VNA
VNA
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