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Big guys determined to list shares despite sharp stock price falls   2011-06-01 - Viet Nam Net

The stock market has witnessed the worst trading sessions in its history. However, the lackluster market does not change the plans by companies to list their shares on the bourse.





In early April 2011, the HCM City Stock Exchange (HOSE) informed that it has received the application for listing shares at HOSE for the first time from the Military Bank (MB).




MB, which has the total chartered capital of 7300 billion dong, has registered to list 730 million shares at HOSE. MB’s shares were once the “big fish in the OTC pond”, and the most hunted commodities in the market. If MB can succeed with its plan to list shares on the bourse this year, it will be a “blue chip” on the bourse and MB share prices will have big influences on the VN Index.




HOSE has also released a dispatch, accepting the listing of 66 million shares of BIDV Insurance Corporation BIC. The insurer hopes it will get the official license to list shares by mid June, and it plans to implement the share listing within 90 days since the day of getting official license. BIC has been known as the non-insurer who has the fastest growth rate in recent years.




“After getting the official approval from management agencies, slated for mid June 2011, we will list our shares within 90 days,” said Pham Quang Tung, Chair of BIC. “We hope that the stock market will get better in the third quarter, which can facilitate our listing”.




Also according to Tung, in 2011, BIC will focus on in-depth development in order to increase the profits from the core business of non-life insurance. Besides, BIC will pay attention to the risk management and financial norms. The corporation plans to obtain the turnover of one trillion dong this year, including 716 billion dong from insurance business, and the profit of 100 billion dong.




Coma 18 has made the application for listing shares at HOSE. It plans to list 12 million shares worth 120 billion dong in face value, and hopes to officially enter the bourse in June 2011.




According to Le Huy Lan, Chair of Coma 18, if everything goes smoothly, the company would complete procedures and implement the listing. He said that despite the gloomy stock market, the company will still implement the plan to list shares which has been approved by the shareholders’ meeting.




In 2011, Coma 18 will continue implementing the project on the Westa high grade building, speeding up the sales of apartments, and implementing the project on Kim Thanh Industrial Zone in Hai Duong province, the Luong Son Industrial Zone in Hoa Binh, the project on office building for lease in Linh Dam peninsula.




Besides this, it will also kick of the project on Nam Duong new urban area in Quang Nam province, join forces with the partners to develop the Coma Tower building project on Pham Hung Road in Hanoi. Especially, it is looking for new projects on new urban area and industrial zones in some big localities such as HCM City or Vung Tau.




The most important task for Coma 18 is mobilizing enough capital for the projects in the current circumstances, when banks are tightening credit. Lan said Coma 18 is considering issuing corporate bonds, transferring some projects and issuing shares. In 2011, Coma hopes to obtain 285 billion dong in turnover and the post tax profit of 51.84 billion dong.




Analysts say that the belief on the prospect of enterprises’ development in the long term, and the high hope on the improvement of the national economy in the last months of the year all have encouraged enterprises to list their shares on the bourse.




Nguyen Thi Ngoc, Chief Secretariat of MB, has affirmed that the preparation works for the listing have been going according to the plan. By May 31, the bank will complete the list of investors and transfer the list to the depository center. The State Bank of Vietnam has also released the decision on allowing MB to list shares.




To date, the documents for applying for listing shares at HOSE have been put on the table of relevant ministries. Meanwhile, 15 enterprises plan to list shares at the Hanoi Stock Exchange HNX. Only a few enterprises have decided to withdraw the listing plan because they do not think it is the right time for the listing, or because of technical problems.




A director of a company which plans to list on HNX, said the listing will not only relate to the share prices, but also create best conditions for investors to make transactions.

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