Vingroup temporarily delays Singapore IPO
VietNamNet Bridge – Vingroup Joint Stock Company (Vingroup JSC)
temporarily delay its plans to sell shares and have them traded in
Singapore in response to foreign investors pulling capital out of
Le Thi Thu Thuy, Vingroup's chief executive officer, said in an
with Bloomberg last Friday that the group would temporarily
international bond sale.
In April this year, Vingroup
said it planned to sell 150 million shares and
have them traded on the
Singapore bourse (SGX) from the second to
fourth quarter of 2013. The
shares would be listed and traded in US dollars.
Thuy said the
whole market was quite difficult, and doing a Viet Nam deal
easy. She didn't rule out a listing later this year and said Vingroup
still had a few more months to go and would be keeping an eye on market
Vingroup shares on Monday (Sept 9) dropped 1.5 per cent to VND62,000
2012, Vingroup reported a net revenue of more than
($377 million), an increase of 242 per cent compared to
2011. Post tax
profit was VND1,847 billion ($87.9 million), representing a
rise of 72
per cent from 2011.
The group successfully implemented its 2013
business plan by achieving
a net revenue of approximately VND12.2
trillion ($580 million) from
operations including revenues made from
Royal City, Times City and Vincom
Village (excluding financial
Estimated profit before tax is approximately VND10 trillion ($476 million) from operations including financial activities.
Source: Vietnam net