Vinaconex listing ‘to drive HOSE trading’

Vinaconex Corporation, a local construction giant, was officially listed yesterday in Ha Noi Securities Trading Centre (HaSTC), making it the largest capitalised code in the northern market after Asia Commercial Joint Stock Bank (ACB).

Vinaconex, coded VGC, listed 149.98 million shares with a total value of VND1.5 trillion (US$90.9 million) in addition to its charter capital.

At the end of trading, VCG shares ended at VND39,600 with 3.52 million shares changing hands.

"As a blue chip, VCG’s listings will make trading more active in the northern market, thus the centre’s liquidity will be promoted," said the centre’s director Tran Van Dung.

Dung also said that listing publicly helps raise the liquidity and transparency of the corporation, thus making it easier for the corporation to mobilise money for its future projects.

"We decided to list this period as we see the market gradually performing better. In addition, we aimed to provide our stockholders with a better investment by listing, after having our shares traded in over-the-counter market for a long time," said Vinaconex’s Chairman Nguyen Van Tuan.

In the first half of this year, the corporation generated a profit of $14.6 million, an increase of 25% over 2007’s corresponding period. It also raised VND4.03 trillion ($242 million) in turnover at the same time.

Vinaconex Corporation made its initial public offering on December 1, 2006. At present, the State holds 63.3% and foreigners hold 16.87%. The corporation has participated in many national key projects such as building a 34-storey building in Trung Hoa-Nhan Chinh Urban Area, building the Son La Hydropower Plant and Song Da Water Plant. (VNS)