Furniture, property biggie HAGL to list at discount - Vietnam bamboo
A major Vietnamese furniture maker and property developer will list nearly 180 million shares next week on the country's main stock market, offering them at a significant discount from the recent unofficial market price.
Hoang Anh Gia Lai would list all its 179.8 million shares on December 22 at a starting price of VND40,000, the Ho Chi Minh Stock Exchange said in a statement on Tuesday.
Shares in Hoang Anh Gia Lai were last traded at VND45,000-VND54,000 on the unofficial, unregulated markets, well above the starting price set for the debut, based on the firm’s value at US$437 million.
The company started business as a furniture processor in Pleiku, capital of the Central Highlands province of Gia Lai, but in recent years it has expanded into real estate and construction in central and southern cities.
Hoang Anh Gia Lai chairman Doan Nguyen Duc told shareholders the firm's net profit for the year would triple to VND1.8 trillion, the online version of Saigon Times Daily (www.thesaigontimes.vn) reported Tuesday.
Vietnam interior
We hope that LifeStyle Vietnam 2011 will be a gateway for Norwegian businesses to source home accessories and gift articles in Vietnam.
Savimex Corp. cuts ribbon for furniture plant in Laos
Ho Chi Minh City-based firm Savimex Corp. opened a furniture factory earlier this week in Laos in partnership with local company Champasak Wood Processing Enterprise.
The facility, located in Champasak Province, is managed by the US$4-million Savi-Champasak joint-venture established by the two companies.
The plant will process wood materials and produce home adornments for export.
Le Minh Trang, the general director of Savimex, said around 95 percent of the factory’s products would be shipped to Japan, the US and Vietnam, with the remainder reserved for the local market.
In the first year of operation, the joint-venture has set a sales target of $1-1.5 million.
Savimex has equipped the factory with state-of-the-art wood processing technology from Malaysia and dispatched several managers to work on-site.
The firm also hosted a two-month training course in Vietnam for 19 Champasak technicians and workers to prepare for the launching of the project, as it represents a strategic component of Savimex’s business expansion plan.
Established in 1985, Savimex maintains its reputation as an industry leader in woodwork processing for exports, home decorations and real estate investment.
Savimex’s export contracts with American partners in the first few months of 2008 have already topped $10 million.
