The Construction Corporation No 1 Joint Stock Company (CC1) will float 110 million shares on the Unlisted Public Company Market (UPCoM) on July 20.

The company’s shares will start trading at VND14,200 per share, making its market capitalisation VND1.1 trillion.

CC1 has 49.5 million shares that are untradeable until October 31, 2021 as they were sold to a strategic investor at the company’s initial public offering on July 20, 2016.

CC1 was transformed to a joint stock company on November 1, 2016 and became a public firm on April 12, 2017.

The company’s major business activities are construction of industrial and civil buildings, foundations and infrastructure for urban areas and industrial zones.

The company has five subsidiaries and 10 associate firms, including the Dong Nai Bridge Investment and Construction JSC and the Dak R’tih Hydropower JSC, in which CC1 has 72.5 per cent and 40 per cent stakes.

In 2015, CC1 posted net revenue and post-tax profit of VND5.6 trillion (US$248.6 million) and VND298 billion, respectively. The figures for 2016 were VND6.62 trillion and VND211 billion.

CC1 targets net revenues and post-tax profits for 2017 at VND4.66 trillion and VND110 billion, while the expected numbers for 2018 are VND4.93 trillion and VND152 billion. — VNS