Business

Vietnam’s ceramic producers to auction shares in Singapore

The Vietnam Glass and Ceramics for Construction Corporation (Viglacera) will put up shares for sale in Singapore on May 9 as part of the company’s plan to sell 120 million shares in its initial public offering (IPO).
Vietnam’s ceramic producers to auction shares in Singapore ảnh 1Viglacera will put up shares for sale in Singapore on May 9 (Photo: baodautu.vn)

Hanoi (VNA) – The Vietnam Glass and Ceramics for ConstructionCorporation (Viglacera) will put up shares for sale in Singapore on May 9 aspart of the company’s plan to sell 120 million shares in its initial publicoffering (IPO).

The company plans the next auction in Hanoi on May 11.

On May 5, the company’s shares were auctioned in Ho Chi Minh City on May 5.

According to Chairman of Viglacera’s Board of Directors Luyen Cong Minh, thecompany targets to increase its charter capital from 3.07 trillion VND (135.5million USD) to 4.27 trillion VND (188.5 million USD) following the publicsale.

The IPO also aims to reduce state owned capital in the company from 78.82percent to 56.67 percent as approved by the State Security Commission ofVietnam.

Viglacera’s share offering has drawn attention from both domestic and foreigninvestors. Investment funds have taken interest in Viglacera’s developmentroute in the coming time, especially its key sectors- building materials andindustrial real estate.

Viglacera holds 40 percent of the market share of building glass, 12 percent ofsanitary ware, 5 percent of ceramic tiles and 3 percent of bricks, according toa report by the Bao Viet Securities Joint Stock Company.

The construction material company owns some 390 hectares of urban land and 10industrial parks with a total area of 3,560 hectares in six provinces, mainlyin the north, which have attracted 200 enterprises.

Viglacera reported its profit of 242 billion VND (10.7 million USD) in thefirst quarter of this year, surpassing its quarterly target by 69 percent. Itaims to earn a total pre-tax profit of 888 billion VND (39.2 million USD) thisyear, a rise of 16 percent year-on-year.

The company is striving to maintain its position as a pioneer in buildingmaterial producer and a prestigious investor in property business. Increasingcharter capital aims to enhance financial capacity and ensure businessactivities, helping raise the company’s competitiveness and influence in bothdomestic and international markets.-VNA


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