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[VIETNAM] Tay Ninh Rubber Co. Raised $35.6M in IPO

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  • madchinaman
    Vietnam rubber firm raises $35.6 mln in IPO http://www.zimbio.com/pilot?ID=6&URL=http%3A%2F%2Fus.rd.yahoo.com%
    Message 1 of 1 , Dec 20, 2006
      Vietnam rubber firm raises $35.6 mln in IPO

      HANOI, Dec 18 (Reuters) - Vietnam's Tay Ninh Rubber Co. has raised
      573.22 billion dong ($35.6 million) from an auction of nearly 8.4
      million shares, the Ho Chi Minh City stock market said.
      Tay Ninh Rubber Co. sold the state shares on offer, or 27.96 percent
      of its stock, at an average price of 68,341 dong ($4.25) at its
      initial public offering last Thursday, the exchange said in a
      statement seen on Monday.

      The pricing gave the firm an initial market value of $127.5 million
      after the auction in which 103 institutional and nearly 1,600
      individual investors sought to buy nearly seven times more shares
      than were on offer.

      Foreign investors bought more than 2.85 million shares, or 34 percent
      of those sold. The firm has yet to announce a listing plan. None of
      Vietnam's 60 rubber producers has listed so far.

      Natural rubber is Vietnam's second-largest foreign exchange earning
      farm product after rice. Rubber exports surged 76.5 percent in
      January-November to $1.21 billion, government figures show.

      Vietnam, the world's fourth-largest rubber exporter after Thailand,
      Indonesia and Malaysia, aims to expand its rubber area to 550,000
      hectares (1.36 million acres) by 2010 -- including 50,000 hectares in
      Laos -- from 480,000 hectares now. ADVERTISEMENT

      The government has been accelerating privatisations to boost the
      capital market and plans to retain full ownership or major stakes
      only in industries linked closely to national defence and security.

      Between Dec. 20-29, 29 firms are scheduled to make their debut in Ho
      Chi Minh City and nine more have permission to list but have not
      announced dates. ($1=16,096 dong)
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