Vietnam's Agribank Securities Co Plans IPO in August-Official
Thursday July 10th, 2008 / 8h31
HANOI -(Dow Jones)- Agriseco, the securities unit of Agribank - Vietnam's largest commercial bank - is expected to sell a 25% stake in an initial public offering in August, a company official said Thursday. "Agriseco is expected to soon publish full details of its IPO later this month, and the IPO will be held by mid-August," the company official told Dow Jones Newswires. Agriseco will be the first state-owned securities company to hold an IPO, and the 25% stake will be offered to foreign and local investors, said the official who declined be named. She said Agriseco, which has an 8% market share, is among the top three securities firms operating in Vietnam, including Saigon Securities Inc. and Bao Viet Securities Co. Agriseco made net profit of VND129.5 billion ($7.85 million) on revenue of VND835.4 billion last year, up from VND41 billion and VND214.9 billion in 2006, respectively. The company targets registered capital of VND1.2 trillion after its IPO, up from the current VND700 billion, Agriseco figures showed. -By Nguyen Pham Muoi, Dow Jones Newswires, 84-913-220-614; phammuoi.nguyen@dowjones.com
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