Titanium miner lists on southern bourse

VNStockNews.com - Nari Hamico Minerals Co (KSS) listed 118 million shares on the HCM City Stock Exchange yesterday, becoming the 233rd code on the city’s bourse.

KSS closed the first trading day at VND60,000 (US$3.24), an increase of 7.14 per cent over its offering price, on a volume of 52,300 shares.

The company, located in the northern province of Bac Can, specialises in titanium ore mining and processing, and infrastructure development for titanium processing. It has a charter capital of VND118 billion ($6.37 million), with Thang Long Securities holding a 0.85 per cent stake and Sai Gon–Ha Noi Securities, 2.19 per cent.

The company in 2009 posted an after-tax profit of VND32 billion ($1.7 million).

The company is expected to achieve VND288 billion ($15.6 million) in turnover and VND57.6 billion ($3.1 million) in profit this year, said chairman Nguyen Van Dinh, in anticipation of the Bac Can Supermarket project to begin operations in the fourth quarter. The company was implementing other projects on gold mining around the province, Dinh said. "The listing on the HCM City market will provide us with more opportunities to raise capital for our projects, as well sd promote our image," he added.