MOSCOW (MRC) -- Century Synthetic Fiber Corporation plans to make its initial public offering (IPO) of shares on 9 December 2014 and get listed at the HCM City Stock Exchange after that, as per GV.
The State Securities Commission allowed the new company, a synthetic fiber manufacturer, to issue 3 million shares at a reference price of VND18,000 (USD 2.8) each.
The company and its major shareholder, Red River Holding, held a roadshow on 26 Nov. 2014 to introduce the potential of the stock.
After holding the IPO and issuing its audited financial report for this year, Century Synthetic Fiber will file for the listing of its shares at the HCM City Stock Exchange sometime in the second quarter of 2015.
The IPO aims to raise funds for the company's VND729-billion (USD 34.3-million) factory expansion plan which began last May at Trang Bang in Tay Ninh Province, company officials said.
The company also plans to put 50% of the factory's capacity to commercial use in the third quarter of next year.
From 2008 to 2013, the company's revenues increased by 39% and its profits, by 65%. It expects the expansion to help increase by about 20% its revenues, to VND2.3 trillion (USD 108.4 million), and its profits, to VND132 billion (USD 6.2 million), in 2016.
In the first nine months of 2014, its revenues reached more than VND1 trillion (USD 47.1 million) and its profits, VND82 billion (USD 3.8 million).
As MRC informed earlier, in September 2014, work started on the Vung Ro refinery complex- a USD3.2 bln petrochemical refinery complex in the central province of Phu Yen. It is designed to produce 8 mln tpa of products, including polypropylene, benzene, toluene, petrol RON 92 and RON 95. The refinery complex is expected to commence operation in 2017.
MRC