Shares of the Tien Phong Plastic Joint Stock Company (Tifoplast) have broken the debut price record on Vietnam’s stock market after the firm started trading shares on the Hanoi Securities Trading Center (HASTC) on December 11.
The shares, coded NTP, closed at the average price of VND145,300 each, the highest among of any stock debut on the HASTC so far.
On the first day of listing, NTP saw 40,100 shares changing hands with total trading value of VND5.8 billion.
Some traders said the firm debuted on a high note because it maintains the biggest plastic producer in Vietnam over its 46 years of operation.
Tifoplast produced 25.000 tons of plastics products, mainly PVC plastic pipes, in 2005, higher than the output of 21,000 tons turned out by the second biggest plastic producer, Binh Minh Plastic Company.
The Haiphong-based company has a registered capital of VND144.46 billion ($9 million), of which 37 per cent belongs to the Government, 34 per cent to staff and 29 per cent to outside investors.
In the first nine months of 2006, Tien Phong turned out 20,000 tons of product, reaping revenues of more than VND500 billion ($31.3 million), up 15 per cent from the same period last year.
The company is holding 60 per cent market share in northern Vietnam.
Before NTP, the Asia Commercial Bank (ACB) recorded the highest debut price at VND130,200 a share on the HASTC.
The Hanoi bourse yesterday also recorded the largest number of stocks listing in a single day after five companies joined the market. The other four companies are Thach Cao Cement (TMX) capitalized at VND35 billion, Vietnam Machinery and Construction (VMC) at VND35 billion, Construction and Machinery No.1 (CMC) at VND15.2 bilion and Construction No.2 (VC2) at VND20 billion.
These companies have brought total listed stocks on the bourse to 28, with a combined registered capital of VND8 trillion ($500 million).
(HASTC, VietNamNet)
Vietnamese
