Petimex shares unattractive to investorsBy Minh Tam Petimex is managed by the Dong Thap government - PHOTO: PETIMEX HCMC – Local individual investors have registered to buy only 1.66% of the 48 million shares offered by Dong Thap Petroleum Trading Import Export Co., Ltd, (Petimex) in its initial public offering (IPO). According to the Hochiminh Stock Exchange (HoSE), 61 domestic individual investors have registered to join Petimex’s IPO, scheduled for September 7. However, these investors have pledged to buy only 797,900 shares of Petimex. HoSE has yet to receive any registrations from institutional and foreign individual investors. Petimex had earlier planned to sell a 35.4% stake, with the reserve price set at VND10,600 per share. The offered share volume was revised versus the equitization plan issued in March by the Dong Thap government, the management agency of Petimex. Accordingly, Petimex had planned to offer more than 27.7 million shares to the public and … [Read more...] about Petimex shares unattractive to investors
Share offering
HNX auctions US$471 million in shares in seven months
The front side of the Hà Nội Stock Exchange building. — Photo ndh.vnViet Nam News HÀ NỘI — The total value of shares auctioned by the Hà Nội Stock Exchange (HNX) since the beginning of 2018 has reached VNĐ10.6 trillion (US$471 million), according to the northern stock bourse regulator. The HNX has organised 23 auctions in the first seven months of the year, including seven initial public offerings (IPOs) and 15 trading sessions that aimed at selling the State’s capital in State-owned enterprises (SOEs). The total amount of shares offered for sale in those auctions was more than one billion shares. Six hundred and sixty million shares were sold, equal to 64 per cent of the total amount of shares offered for sale. In July, the HNX held two auctions. One of them was the IPO of the Duyên Hải Quảng Ninh Co Ltd, the other one was the State capital divestment of the Nghệ An Province’s People’s … [Read more...] about HNX auctions US$471 million in shares in seven months
HNX to host three share auctions in May
The Ha Noi Stock Exchange (HNX) will hold three auctions in May to sell shares of Sai Gon Postel Corp, Viet Nam Apatite Phosphorus Joint Stock Company and Viet Nam Aviation Corporation. In April, HNX organised four share auction sessions, including two initial public offerings (IPOs) and two capital withdrawals. - Photo hanoimoi.com.vn In April, HNX organised four share auction sessions, including two initial public offerings (IPOs) and two capital withdrawals. The active participation of investors ensured the sessions’ average bidding prices in the month were high. Specifically, the successful bidding prices of the two IPO auctions of Van Tuong Construction Investment One Member Co. Ltd. and the capital withdrawal auction of Orient Commercial Joint Stock Bank (OCB) were higher than the initial prices by between 63 and 98 per cent. The total volume of shares offered in the four April auctions reached more than 19.9 million, down 77 per cent compared to the volume … [Read more...] about HNX to host three share auctions in May
Over 392 mln shares to be auctioned on HNX in May
The Hanoi Stock Exchanges (Source: Vietnam Finance) Hanoi (VNA) - The Hanoi Stock Exchanges (HNX) said over 292.2 million stocks will be offered for sale on the bourse in May. Sai Gon Postel Corp, Orient Commercial Joint Stock Bank (OCB), and Vietnam Aviation Corporation registered to put their shares on HNX in the month. According to HNX, investors continue to pay attention to share auctions, especially the initial public offerings (IPOs). In April, HNX organised four share auction sessions, including two IPOs and two capital withdrawals. The active participation of investors helped the sessions’ average bidding prices in the month stand at high rates. Especially the successful bidding prices of the two IPO auctions of Van Tuong Construction Investment One Member Co. Ltd. and the capital withdrawal auction at OCB were higher than the initial prices by between 63 and 98 percent. The total volume of shares offered in the four April auctions reached over 19.9 million, down … [Read more...] about Over 392 mln shares to be auctioned on HNX in May
HNX to host six share auctions in April
More than 84.9 million shares were sold in March’s four auctions. — VNA Photo The Ha Noi Stock Exchange will hold six auctions in April to sell shares of Kim Lien Tourism JSC, Song Hong Energy JSC, Lung Lo 3 Co., Ltd, Vietnam Television Cable Corporation one member Co., Ltd, Van Tuong Investment Structure one member Co., Ltd and Orient Commercial Joint Stock Bank. The northern bourse announced that more than 84.9 million shares were sold in March’s four auctions, raising total capital of over VND1.3 trillion (US$57.2 million) for the State budget. Those included two initial public offerings (IPO) of the Garment and Textile Institute and the Ha Noi Trading Corporation (Hapro), along with two divestment auctions of Hapulico Industry JSC and Thong Nhat Electromechanical JSC. Over 85 million shares were put up for sale in March, doubling the amount for sale in February. Investors registered to purchase some 114.75 million shares, 1.35 times higher than the volume of … [Read more...] about HNX to host six share auctions in April
Vinafood 2 IPO sells entire share offering
Under its equitisation plan, Vinafood 2 has a charter capital of VND5 trillion with 51 per cent possessed by the State. — Photo cafef.vn Viet Nam Southern Food Corporation (Vinafood 2) sold its entire offering of nearly 115 million shares, equivalent to 22.97 per cent of its charter capital, in its initial public offering (IPO) on the HCM Stock Exchange on Wednesday. At the average winning price of VND10,100 per share, equal to the minimum bidding price set for the auction, the State collected nearly VND1.16 trillion (roughly US$51 million) from the share sale. Before the IPO, 41 investors registered to take part in the auction, including 31 domestic and 10 foreign investors. Under its equitisation plan, Vinafood 2 has charter capital of VND5 trillion with 51 per cent possessed by the State. The company sold nearly 23 per cent to the public while about 25 per cent will be offered to the strategic investor. The remainder will be sold to its employees and workers at a … [Read more...] about Vinafood 2 IPO sells entire share offering
SCIC to auction more than 2.4mn Maritime Bank shares
SCIC to auction more than 2.4mn Maritime Bank shares The State Capital Investment Corporation (SCIC) will put more than 2.4 million shares of Maritime Bank up for public auction on the Hanoi Stock Exchange on March 28. Illustrative photo The initial price will be VND12,400 ($0.54) per share, and interested investors must register to buy the entire offering. This is the second attempt by SCIC to offload Maritime Bank’s shares since its failure in November 2015. Experts, however, have predicted that this auction too will fail due to overpricing, since Maritime Bank’s shares are being traded at some VND7,000 ($0.3)-VND8,000 ($0.35) per share on the over-the-counter (OTC) market. Moreover, the share offering accounts for only 0.3 per cent of the bank’s charter capital, which would allow little influence by the investor over the bank’s management. Founded in 1991 in the northern port city of Hai Phong, Maritime Bank had initial charter capital of VND40 billion … [Read more...] about SCIC to auction more than 2.4mn Maritime Bank shares
Genco 3’s IPO ends with only 3 percent of shares sold
Genco 3 puts up over 267 million shares, equivalent to nearly 12.84 percent of its charter capital for sale in the IPO. (Photo: VNA) HCM City (VNA) - Only 3 percent of a total of 267 million shares offered in the initial public offering (IPO) of Power Generation Corporation 3 (Genco 3) on February 9 were sold successfully, a poor result given the high market expectations before the sale. Genco 3 put up over 267 million shares, equivalent to nearly 12.84 percent of its charter capital, for sale in the IPO on the HCM Stock Exchange but only 7.45 million shares, or 3 percent of the total shares, were purchased. About 336 investors, including 16 foreigners (14 individuals and two institutions), took part in the IPO. At the average winning price of 24,802 VND (1.09 USD) per share, slightly higher than the minimum bidding price of 24,600 VND a share, Genco 3 collected 184.8 billion VND from the share sale. Nguyen Van Le, chairman of Genco 3, attributed the poor result to the bad … [Read more...] about Genco 3’s IPO ends with only 3 percent of shares sold
Falling momentum stays as shares offloaded
Falling momentum stays as shares offloadedBy Thuy Trieu - The Saigon Times DailyHCMC - The sharp contrast between supply and demand invigorated the falling momentum yesterday, dragging the VN-Index down by a staggering 12.29 points, or 2.68%, from the previous session to 445.59 points, despite a few gainers shed a dim light at the end of the tunnel.The Hochiminh Stock Exchange reported that demand rose by 26.8% to 2.72 million shares, still a trivial fraction compared to the supply of 76.9 million shares, down 25.7%. The market ended up in over two million shares changing hands worth VND96.5 billion, down 20.3% from the previous session.The downbeat note was visible from the opening, as investors rushed to offer over 52 million shares against bids of about one million shares only in the first matching phase. In the dreary day, however, there were still six gainers, all shooting to the ceiling prices. All the remaining 149 stocks took nosedive, plunging to the floor prices. In the … [Read more...] about Falling momentum stays as shares offloaded
State company shares remain unappealing to some investors
VietNamNet Bridge - Except Sabeco and Vinamilk shares, the other divestments by the state have not succeeded as expected. SCIC plans to disinvest from many enterprisesThe divestments of Vinamilk and Sabeco shares in the last two months of 2017 brought satisfactory results. SCIC (State Capital Investment Corporation) sold 3.33 percent of Vinamilk shares, collecting VND9 trillion, or VND2 trillion higher than initially expected.Meanwhile, MOIT (Ministry of Industry and Trade) auctioned 53.59 percent of Sabeco shares, collecting $5 billion.The auction of Idico shares organized was also ‘hot’ with 40 foreign institutional investors registering to attend. 55 million shares were sold, bringing VND1.324 trillion, of which 74.8 percent was acquired by foreign investors.However, other share auctions were not as successful because of the indifference of investors.A number of SOEs queued up for their IPOs in the last days of 2017 and early 2018, though investors did not show … [Read more...] about State company shares remain unappealing to some investors