Vinatex back to square one

January 11, 2017 | 20:18

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Thanks to a positive trading session today, Vietnam National Textile and Garment Group (Vinatex) (UPCoM: VGT) closed the first week of trading at the same price level as it started on the market.

VGT ended today at VND13,562 ($0.6), a bit over the initial VND13,500 when the stock started trading on January 3. The stock saw an increase in price on the first day of trading to VND17, 280 ($0.77) before decreasing for four consecutive sessions.

Foreign investors currently hold 11 per cent of Vinatex. At the moment, the state, represented by the Ministry of Industry and Trade, is the biggest shareholder with 53.49 per cent.

The second biggest shareholder is Vietnam Investment Development Group with 14 per cent. Vingroup holds 10 and individual investor Bui Manh Hung 6 per cent. Foreign holdings have not increased since the company finalised the list of shareholders in July 2016.

In 2016 the company reported a consolidated revenue of VND41.34 trillion ($1.83 billion), up 5 per cent on-year, while consolidated pre-tax profit was VND1.43 trillion ($63.36 million), up 9 per cent.

The General Department of Vietnam Customs estimated Vietnam’s total export of garment and textile products at $22.58 billion in the year to December 15, up 4.8 per cent on-year. This is the lowest growth in 10 years.

In 2017 Vinatex targeted a 12 per cent increase in revenue and 6 per cent increase in pre-tax profit.

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