Skip Ribbon Commands
Skip to main content
Link Web
News > Posts
StockmarketFriday, 01/12/2007, 11:39

FPT set to trade shares abroad 

FPT Software likely to list on Singapore exchange<br>
FPT set to trade shares abroad

FPT set to trade shares abroad 

FPT Software likely to list on Singapore exchange

  

Vietnam�s leading information technology group FPT looks set to list on an international stock exchange as it yesterday signed an auditing deal with KPMG, one of the world�s Big Four auditing firms.

 

KPMG will audit FPT�s financial reports in 2007, including those of three branches, five subsidiaries, one university, five training and trading centers and units that may be set up this year, a move which FPT said would allow it to join international capital markets.

 

FPT also decided to select KPMG as an auditing agency for it in 2008 and 2009. Since it went public in 2002, FPT has had its annual financial reports audited by local companies.

 

KPMG, under the deal, will also give advice to FPT � which debuted on the local bourse in mid-December last year creating a market value of around US$1.5 billion � to improve the financial reporting and control process.

 

FPT chairman and CEO Truong Gia Binh said his company was considering a number of regional and world capital markets before it chose one for listing. �A detailed overseas listing plan must be weighed by the board of directors and a consensus must be reached at a general shareholders� meeting.�

 

He said FPT�s affiliates were also taking necessary steps to participate in international capital markets and that FPT Software, where FPT holds a 72% stake, was an example.

 

An FPT official told the Daily by phone that FPT Software was eyeing Nasdaq in the United States, the Tokyo stock exchange or the Singapore exchange.

 

The Singapore exchange is emerging as most favorite as Singapore is geographically near Vietnam, the official noted. FPT Software last year reported total software export revenue of US$20 million, up 90% year-on-year, and plans to scale it up to US$30-35 million this year.

 

Despite the unavailability of a financial report for 2006, Binh said, FPT obtained total revenue of VND11.5 trillion (US$719 million), up from more than US$517 million in 2005, and that its profit was 10% higher than forecast.

 

�2006 was a successful year for FPT although the strategy for certain fields of business did not produce as good results as expected,� he said. �Mobile phone and hardware sales grew strongly and made up a majority of FPT�s sales while the company wanted strong growth in telecom and software spheres.�

 

FPT made an enthusiastic debut on the HCMC Securities Trading Center in the middle of December, with 60.8 million shares traded for VND400,000 each.

FPT is the nation�s market leader in mobile phone distribution, systems integration, software outsourcing and development, telecom, Internet and e-media content and computer assembly.

 

The company employs 5,000 people and has booked an average of 70% annual growth over the past five years.


Views: 1 Print Back
 
Date: