Century Synthetic Fiber Corporation plans to make its initial publicoffering (IPO) of shares on December 9 and get listed at the HochiminhStock Exchange after that.
The State Securities Commissionallowed the new company, a synthetic fiber manufacturer, to issue threemillion shares at a reference price of 18,000 VND (0.85 USD) each.
Thecompany and its major shareholder, Red River Holding, held a roadshowon November 26 to introduce the potential of the stock.
Afterholding the IPO and issuing its audited financial report for this year,Century Synthetic Fiber will file for the listing of its shares at theHochiminh Stock Exchange sometime in the second quarter of 2015.
TheIPO aims to raise funds for the company's 729-billion VND (34.3-millionUSD) factory expansion plan which began last May at Trang Bang in TayNinh province, company officials said.
The company also plans to put 50 percent of the factory's capacity to commercial use in the third quarter of next year.
Accordingto Dang Trieu Hoa, chairman of the company's board of directors,Century Synthetic Fiber had to enhance capacity because of theincreasing demand of its clients, all suppliers of large brands such asNike, Adidas and Uniqlo, as well as Zara and The North Face.
From2008 to 2013, the company's revenues increased by 39 percent and itsprofits, by 65 percent. It expects the expansion to help increase byabout 20 percent its revenues, to 2.3 trillion VND (108.4 million USD),and its profits, to 132 billion VND (6.2 million USD), in 2016.
Inthe first nine months of 2014, its revenues reached more than 1trillion VND (47.1 million USD) and its profits, 82 billion VND (3.8million USD).-VNA
The State Securities Commissionallowed the new company, a synthetic fiber manufacturer, to issue threemillion shares at a reference price of 18,000 VND (0.85 USD) each.
Thecompany and its major shareholder, Red River Holding, held a roadshowon November 26 to introduce the potential of the stock.
Afterholding the IPO and issuing its audited financial report for this year,Century Synthetic Fiber will file for the listing of its shares at theHochiminh Stock Exchange sometime in the second quarter of 2015.
TheIPO aims to raise funds for the company's 729-billion VND (34.3-millionUSD) factory expansion plan which began last May at Trang Bang in TayNinh province, company officials said.
The company also plans to put 50 percent of the factory's capacity to commercial use in the third quarter of next year.
Accordingto Dang Trieu Hoa, chairman of the company's board of directors,Century Synthetic Fiber had to enhance capacity because of theincreasing demand of its clients, all suppliers of large brands such asNike, Adidas and Uniqlo, as well as Zara and The North Face.
From2008 to 2013, the company's revenues increased by 39 percent and itsprofits, by 65 percent. It expects the expansion to help increase byabout 20 percent its revenues, to 2.3 trillion VND (108.4 million USD),and its profits, to 132 billion VND (6.2 million USD), in 2016.
Inthe first nine months of 2014, its revenues reached more than 1trillion VND (47.1 million USD) and its profits, 82 billion VND (3.8million USD).-VNA
