Phuc Tien debuts on bourse

VNStockNews.com - The Hanoi-based steel maker Phuc Tien Trade & Manufacture Joint Stock Company yesterday became the 198th firm to list on the Hochiminh Stock Exchange (STC), with its stock under the code of PHT. The stock hit the ceiling upon debut, increasing 20% to 30,000 dong per share.

The corrugated iron and steel trader and producer operates a factory with an annual output of 300,000 tonnes in the northern province of Hung Yen, and is also building a factory in Hai Phong City of 100,000 tonnes a year, which will start operation this year.

The company also has plans to expand production, including a $40 million cold-rolled, zinc plated steel plant in the northern province of Hai Duong. The project will get off the ground next year in cooperation with two other partners, said Nguyen Manh Ha, chair of the company.

In addition, Phuc Tien is also developing an office building with 18 floors in the capital city of Hanoi, and plans to develop a new urban area in a northern province in a move to penetrate the real estate market.

To enhance its financial capacity for such expansion schemes, the company will spur its chartered capital to 300 billion dong next year from the current 110 billion dong by issuing new shares.

Phuc Tien in the first eight months of this year attained over 534 billion dong in revenue and over 27 billion dong in after-tax profit, accounting for over 65% and 54% respectively of the whole year's plan.