Business

Vietnam salt company to conduct IPO on April 12

The Vietnam Salt One Member Limited Liability Company (Visalco) will put nearly 1.28 million shares up for sale at its initial public offering (IPO) on April 12.
Vietnam salt company to conduct IPO on April 12 ảnh 1The shares will be listed on the Hanoi Stock Exchange. (Photo: VNA)

Hanoi (VNA) - The Vietnam Salt One Member Limited Liability Company(Visalco) will put nearly 1.28 million shares up for sale at its initial publicoffering (IPO) on April 12.

The shares will be listed on the Hanoi Stock Exchange (HNX), the northernbourse has announced.

The initial price for the shares, representing ownership of 29.28 percent, isset at 21,300 VND (0.93 USD).

Visalco expects to receive more than 43.69 billion VND from the IPO, accordingto HNX. The State will hold 65 percent of the firm’s capital after it becomes ajoint stock company.

Visalco is a State-owned subsidiary of the Northern Food Corporation, one ofthe most prestigious food suppliers in Vietnam. It produces and sells salt andsalt products. Revenue in this field fell sharply from 2018 to 2020 as the companyhalted supply contracts with several mountainous localities.

After that, it moved to the rice business, with revenue rising from 65.05billion VND in 2018 to 163.96 billion VND last year.

Under its production and businessplan, Visalco forecasts earning 99 billion VND in revenue this year and posting870 million VND in pre-tax profit. By 2023, revenue is predicted to be morethan 110 billion VND, with pre-tax profit to top 1 billion VND./.
VNA
#Vietnam Salt One Member Limited Liability Company #initial public offering #Hanoi Stock Exchange #production and business plan #Vietnam News Agency #Vietnamplus
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