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StockmarketWednesday, 12/27/2006, 02:18

Vinamilk and FPT would be the first  on overseas markets

Vinamilk and FPT would be the first of a series of Vietnamese enterprises to list shares on overseas stock markets during 2008-09
Vinamilk and FPT would be the fi

Vinamilk and FPT would be the first  on overseas markets

Vinamilk and FPT would be the first of a series of Vietnamese enterprises to list shares on overseas stock markets during 2008-09, said State Capital Investment Corporation management board chairwoman Le Thi Bang Tam.

The market share of Vinamilk, representing about 75 per cent of the domestic market, was worth about US$930 million, according to company statistics. The company had about 200 distributors, over 1,000 agents and nearly 94,000 retail outlets nationwide.

The net sales of FPT were about $680 million, according to the company, and its shares, issued on the stock exchange last Wednesday, soared to VND400,000 per share on the first day of trading.

FPT said that its shares were attractive to investors due to the high potential of the IT industry, its young and skilled workforce and its special company culture.

According to Viet Nam Association of Financial Investors (VAFI) general secretary Nguyen Hoang Hai, many major Vietnamese enterprises were ready to list shares abroad as a way of raising capital and improving the liquidity of shares.

Hai said that there were no laws or regulations governing a listing of shares abroad, except for some vague provisions in the Securities Law.

"It seems that the State Securities Commission wasn�t altogether ready for this. Maybe they are afraid of losing their administrative role once enterprises list shares abroad," Hai told reporters.

Enterprises were only required to notify the State Securities Commission before listing shares on an overseas bourse, said commission vice chairwoman Vu Thi Kim Lien.

Among companies moving to list on overseas exchanges, the Viet Nam Construction and Investment Joint Stock Co (CAVICO) was finalising procedures to list shares on the US stock market, said the company. In May, CAVICO merged with Agent 155 Media Group, a US company with shares traded on the low-level stock exchange, Pink Sheets.

Kinh Do Corporation, Sai Gon Securities Inc (SSI) and Trung Nguyen Coffee Corporation were all also reportedly collecting information and studying conditions for listing shares abroad.

Three officials from the Singapore Stock Exchange took part in the first day of trading in shares of SSI at the Ha Noi Securities Trading Centre on December 15, said SSI management board chairman Nguyen Duy Hung.

They were expressly interested in the potential for SSI shares to be listed abroad, said Hung.

In March, a major Singapore consultant, UBO Asia, came to Viet Nam to discuss Vietnamese enterprises listing shares in Singapore, he added.

There were about 60 enterprises studying conditions to list shares on the Korean Stock Exchange (KRX), said KRX director Chy-jang Oak at a recent conference in Ha Noi.

Vietnamese enterprises could list all or only a part of their shares on the KRX, Oak said.


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