New members take HNX by storm

October 20, 2015 | 16:00

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On October 20, the Hanoi Stock Exchanges welcomed two new listed members, namely Vinalines subsidiary Vietnam Maritime Development JSC (coded as VMS) and Duc Giang-Lao Cai Chemicals JSC (coded as DGL), at the initial reference price of VND12,600 ($0.58) and VND30,000 ($1.38) per share, respectively.

These prices are much higher than the normal VND10,000 ($0.46) offered by the majority of companies listed on the HNX in their first trading session.

VMS is the sixth member of Vietnam National Shipping Lines to be listed on HNX, specialising in maritime logistics services. Based in the largest northern port city Haiphong, the company operates branches in Hanoi and Ho Chi Minh City with a wide system of transport agencies, warehouses, as well as freight forwarding facilities.

According to VMS chairman Le Quang Trung, since 2013 the company has reported annual gross profit growths of more or less 10 per cent.

DGL is the subsidiary of Duc Giang Chemicals & Detergent Powder JSC. With the listing of DGL, the mother company hopes to boost the process of its other two joint-ventures going public, namely Lao Cai Chemicals and Fertiliser JSC and Duc Giang-Dinh Vu Chemicals JSC.

“After going public, we will merge these subsidiaries into a big corporation, whose stock aims at becoming one of the blue chips of HNX30,” said Dao Huu Huyen, chairman of Duc Giang Chemicals & Detergent Powder JSC.

Closing the first trading session, 5,300 VMS shares were matched at VND15,000-16,300 ($0.69-0.75) apiece, with 31,800 shares overbought.

Similarly, 116,000 DGL shares were matched at VND37,000-39,000 ($1.7-1.8), with 27,300 shares overbought.

The joining of two codes raised the total value of stock listed on HNX to approximately VND104.4 trillion ($4.79 billion), and the number of tickers on the northern exchange to 371 companies.

By By Thanh Xuan

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