Ha Noi Stock Exchange has allowed Mai Linh Northern Joint Stock Company to register 48.6 million shares on the Unlisted Public Company Market (UPCoM) under stock code MLN.

The reference price for its shares will begin at VND10,000 (44 US cents) per share, equivalent to market capitalisation of around VND486 billion.

Mai Linh Northern is a subsidiary of the Mai Linh Group, one of Viet Nam’s major taxi operators.

The company has 17 member companies located across the 17 northern provinces and cities, from Ha Noi to Ha Tinh. Its revenue comes mainly from its taxi, car rental, property sale, property lease and repair service businesses.

The Mai Linh Group holds 47.86 per cent of Mai Linh Northern’s charter capital.

Last year, Mai Linh Northern earned a total revenue of nearly VND1.08 trillion and after-tax profit of VND29.7 billion.

In 2017, the firm is targeting net sales of VND1.19 trillion and after-tax profit of VND35.7 billion, a year-on-year increase of 41 per cent.

In the first quarter of this year, Mai Linh Northern earned nearly VND300 billion in revenue and VND6.53 billion in after-tax profit. — VNS