Trading floor to welcome two new stocks

Both company’s have been asked to complete procedures before listing

An official from the Ho Chi Minh City Securities Trading Centre (HSCT) said: “Both firms have received preliminary approval from the State Securities Commission (SSC) to list their stock on the bourse.”
The source said they had been asked to give further information and complete procedures. The SSC has asked Cobovina to reconsider its business forecast for the next three years to bring its prospectus closer to reality.
The company has also been requested to add to its prospectus imminent risks it is likely to face when relocating its premises from Tan Binh District to Vinh Loc Industrial Park in the city’s suburban district of Binh Chanh.
PMC, meanwhile, has been asked to appoint a spokesperson and work with the HSCT to register its shareholders and undertake procedures to list its shares.
“All preparations are underway. If things go smoothly, the two new stocks will hit the trading floor by this month,” said the HSCT official.
The cotton product manufacturer paid a dividend of 24 per cent last year, but it offered just 5 per cent in the first half of this year.
An executive from BIDV Securities Company, Cobovina’s listing consultant, said: “The company has increased its chartered capital six times, so dividends for this year will be reduced accordingly.”
PMC, a former subsidiary of Vietnam National Petroleum Corporation, manufactures and assembles tanks and vehicles for carrying petroleum, chemical and hot bitumen.
The company has chartered capital of VND32 billion ($2.06 million). Last year, it made a profit of VND5.2 billion ($335,000) from VND67 billion revenue($4.3 million), and paid shareholders dividends of 12 per cent.
Cobovina’s shares are changing hands at VND114,000 ($7.35) and PMC’s at VND115,000 ($7.41) to their nominal value of VND100,000 ($6.45).