July 01, 1999
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| July 01, 1999 | atimes.com | |
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| Southeast Asia Vietnam approves 15 firms for listing on exchange HANOI - The State Securities Commissionhas approved 15 companies for listing on the Vietnamstock market when it opens either late this year or early nextyear. Five will be joint-stock commercial banks, the SSC told VietNam News. SSC says major enterprises will be the Asian Joint-StockCommercial Bank with a registered capital of VND353 billion($25 million); the Military Joint-Stock Commercial Bank witha capital of VND125 billion; and the TelecommunicationsMaterial and Cable Company, VND120 billion. The remaining 12 companies have registered investment belowVND100 billion. Almost all doing well with yearly profits increasing. SSC says the initial total value of bonds to be offered tothe public is estimated at about VND80 billion. Government Decree 48/1998/ND-CP stipulates that onlyState-owned enterprises, corporations and equitizedenterprises with registered capital of at least VND10billion will be able to issue stock and bonds. The enterprises must have had two successive years ofcommercial success before asking permission to issue stocksand bonds. The decree says that at least 20 per cent of the issuedstock and bonds must be sold to more than 100 investors notworking for the enterprises issuing them. The Korea Stock Exchange has helped the Viet Nam's StateSecurities Commission with technology, expertise and stafftraining. The Korean Stock Exchange, the Korean InternationalCo-operation Agency, and the State Securities Commission haveagreed to expand their three-year project, which started in1996. Under the agreement, the Korean Stock Exchange will providean additional $200,000 to support the project's expansion. But the director of the commission's External Relations Department,Nguyen The Tho, says the proposed extension is awaiting theapproval of the Viet Nam and RoK governments. (Asia Pulse/VNA) | |||||||||
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