Saigon Real Estate JSC (Saigonres) plans to debut on the HCM Stock Exchange at VND29,000 (US$1.29) per share, ending two years trading on the Unlisted Public Company Market (UPCoM).

The debut date remains unknown. The HCM Stock Exchange on November 1 said Saigonres still lacked some required documents to fulfill its filing.

Saigonres is trading nearly 39.6 million shares on UPCoM. The firm’s shares finished Friday at VND30,000 per share.

The expected price level is calculated based on the 30-day average price of Saigonres shares on UPCoM between October 9 and November 29, which was VND28,942 per share.

On July 18, Saigonres got shareholders’ approval on the company’s move from UPCoM to HOSE.

In 2016, Saigonres posted an eight-fold increase in its net revenue to VND1.08 trillion ($48 million) and a 14-time rise in its post-tax profit to VND273 billion.

On June 26, Saigonres issued nearly 19.8 million shares at the 1:1 ratio as dividend payout for current shareholders. The share issuance almost doubled the company’s charter capital to VND396 billion from VND198 billion.

In the first nine months of 2017, Saigonres posted VND545 billion in revenue, an increase of 17 per cent year on year, and VND107.5 billion in post-tax profit. – VNS