Ha Noi Stock Exchange has approved Garment 10 Corporation Joint Stock Company (GARCO 10) to list 18.9 million shares on Unlisted Public Company Market (UPCoM) on January 10.

The reference price for its shares, which will be listed under stock code M10, will begin at VND22,800 (US$1) per share, equivalent to market capitalisation of some VND431 billion.

Founded in 1946, GARCO 10 specialises in manufacturing different kinds of garments and auxilliary material for its dressmaking branch.

In January 2004, Garment 10 officially operated as a joint stock company under Viet Nam National Textile and Garment Group. Currently, the company owns 11 factories from Ha Noi to QuangBinh Province.

In September 2017, the corporation increased its chartered capital to VND189 billion, equivalent to 18.9 million registered shares, of which 939,960 shares are subject to transfer restriction.

The firm’s consolidated net revenue in 2016 reached more than VND2.92 trillion, up VND210 billion compared to 2015, of which two main sources of revenue were sales and outsourcing. In the first nine months of 2017, the company’s revenue reached nearly VND2.25 trillion.

In 2016, GARCO 10 posted an after-tax profit of nearly VND60 billion. In the first three quarters of 2017, its after-tax profit reached VND40 billion.

The total assets of GARCO 10 as of September 30, 2017 reached VND1.15 trillion, total liabilities were VND790 billion, while the owner’s equity reached VND357.3 billion.

In addition to this, GARCO 10 has more than VND45 billion of undistributed after-tax profit, more than VND76 billion in development investment fund and over VND46 billion of capital surplus. — VNS