Hancorp to sell 50 million shares in IPO

Wednesday, Feb 26, 2014 17:09

Hancorp takes part in the construction of Keangnam Landmark Tower in Ha Noi.— Photo Batdongsan.com.vn

HA NOI (Biz Hub) — The Ha Noi Construction Corporation (Hancorp) will sell nearly 50 million shares in the corporation's initial public offering (IPO) this year.

Hancorp's chairman Nghiem Sy Minh announced the company's plan in a meeting with the investors held on February 25.

He said that each share would be worth VND10,200( US$0.48).

At present, Hancorp has invested in 14 associated companies with a total investment of VND1.182 trillion($56.285 million).

According to the equitisation plan of Hancorp which was approved by the Prime Minister in the Decision 28/QD-TTg in January 2014, the IPO will help Hancorp increase its charter capital from VND1.2 trillion($57.1 million), to VND1.9 trillion($90.4 m).

Working mainly in construction and as contractor of infrastructure, industrial zones, urban areas and housing projects, Hancorp is known for the construction of the Daewoo Hotel, National Conference Centre, Keangnam and Royal City.

Hancorp, with 33 member companies working in the construction industry across the country, earned VND9 trillion($428.5 million), as revenue in the last three years. Its total assets are worth VND16 trillion ($761.9million).

Hancorp expects to gain VND8 trillion ($380.9 million), in revenue and VND1 trillion ( $47.6 million) in profits in the next five years, said Minh.—VNS

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