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HoSE welcomes new listed firm   2009-02-19 - Viet Nam News

The Nam Bay Bay Investment Corporation (NBB) became yesterday the latest company listed on the HCM City Stock Exchange, the 173rd on its board.

NBB has a charter capital of VND154 billion (US$8.8 million), up from VND10 billion in 2005 when it changed from a State-owned firm to a joint stock company via equitisation.

Foreign investors account for almost 11 per cent of the chartered capital. The State owns less than 7 per cent.

The corporation's main operations include real estate business, financial investment, civil and industrial construction and power production.

Last year, NBB netted a profit of more than VND55 billion from a total turnover of VND179 billion, compared to VND2.5 billion and VND76 billion, respectively in 2006.

General director Doan Tuong Trieu said shareholders would receive a 14 per cent dividend in cash for 2008.

He said that the executive board has agreed on this year's target of VND300 billion in turnover. The figure is expected to yield a net profit of VND65 billion. However, these figures as well as 2009's dividend will be officially decided by the annual shareholder meeting to be held in April.

The company has 13 projects under development including eight residential buildings and a hydropower plant.

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