The Singapore Exchange has accepted the listing of Vietnamese real estate developer Vincom.
Vincom will become the first Vietnamese company to be listed in Singapore . Prior to Vincom, Vinamilk also prepared to list shares in Singapore , but the plan did not come into fruition.
"We expect to complete the initial public offering and listing procedures in the third quarter," Vincom chief executive officer Mai Huong Noi said.
The State Securities Commission has also approved the listing of 93 million shares – worth 500 million USD, based on the June 10 closing price of 113,000 VND per share.
About 5 percent of the shares will be offered to strategic investors in Singapore , Noi stated. "We may release all of these shares if the expected price is achieved," she added.
Corporate valuation company Jones Lang LaSalle has assessed the current value of Vincom of more than 2.5 billion USD, with assets over the next five years projected to grow to 6 billion USD, based on current projects in development.
Listing on a foreign exchange will help Vietnamese enterprises raise foreign capital more effeciently, Noi said. In addition, since foreign shareholders have stricter requirements for transparency, governance, and accounting methods, Vietnamese firms can improve to meet these higher international standards.
Under listing regulations of the Singapore exchange, enterprises must also have equity of at least 122.4 million USD and have posted gross profits of at least 8.2 million USD for the two years prior to the listing.
Singapore Exchange Ltd CEO Hsieh Fu Hua expressed his view that Singapore Exchange would support Vietnamese enterprises in listing because it would benefit both national markets. Singapore Exchange and the Vietnamese State Securities Commission signed a financial cooperation agreement in 2007./.
Vincom will become the first Vietnamese company to be listed in Singapore . Prior to Vincom, Vinamilk also prepared to list shares in Singapore , but the plan did not come into fruition.
"We expect to complete the initial public offering and listing procedures in the third quarter," Vincom chief executive officer Mai Huong Noi said.
The State Securities Commission has also approved the listing of 93 million shares – worth 500 million USD, based on the June 10 closing price of 113,000 VND per share.
About 5 percent of the shares will be offered to strategic investors in Singapore , Noi stated. "We may release all of these shares if the expected price is achieved," she added.
Corporate valuation company Jones Lang LaSalle has assessed the current value of Vincom of more than 2.5 billion USD, with assets over the next five years projected to grow to 6 billion USD, based on current projects in development.
Listing on a foreign exchange will help Vietnamese enterprises raise foreign capital more effeciently, Noi said. In addition, since foreign shareholders have stricter requirements for transparency, governance, and accounting methods, Vietnamese firms can improve to meet these higher international standards.
Under listing regulations of the Singapore exchange, enterprises must also have equity of at least 122.4 million USD and have posted gross profits of at least 8.2 million USD for the two years prior to the listing.
Singapore Exchange Ltd CEO Hsieh Fu Hua expressed his view that Singapore Exchange would support Vietnamese enterprises in listing because it would benefit both national markets. Singapore Exchange and the Vietnamese State Securities Commission signed a financial cooperation agreement in 2007./.
