Animal feed maker completes listing switch

Saturday, Jul 27, 2019 07:48

The ceremony for Dabaco's HoSE listing on Friday. – Photo

Consumer staples firm Dabaco Group on Friday made its debut on the Ho Chi Minh Stock Exchange (HoSE).

The company listed more than 91 million shares on HoSE with the code DBC at a starting price of VND22,160 (US$0.95) per share.

The company's shares gained 1.3 per cent on the first day to close at VND22,450 per share.

Dabaco first listed its shares on the Ha Noi Stock Exchange (HNX) on March 18, 2008.

The company cancelled its HNX listing on July 17, 2019 and completed the switch to HoSE in order to improve the liquidity of its shares and get access to higher-quality financing from both domestic and international investors.

The listing is also an opportunity for Dabaco to standardise its corporate governance and improve its brand.

In the second quarter of 2019, the company posted VND1.6 trillion ($68.8 million) in revenue, almost the same amount as in the first quarter.

Due to the spread of African swine fever, the company’s net profit in the quarter slumped sharply by 91 per cent to VND7.5 billion.

After the first six months of the year, Dabaco earned nearly VND3.3 trillion in net revenue, up 10 per cent year on year, and VND28 billion in net profit, down 70 per cent year on year.

The company has fulfilled 32 per cent of its full-year revenue goal and 8 per cent of its 2019 profit target.

Dabaco has charter capital of VND911 billion. Its major business divisions are animal feed products, swine and chicken farming, food processing and fertiliser production. – VNS

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