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Billions of shares pending for HoSE listing

The Ho Chi Minh Stock Exchange (HoSE) is preparing to receive billions of shares after companies delayed listing plans due to poor trading conditions.

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Maritime Joint Stock Commercial Bank (MSB) on November 19 filed to list 1.175 billion shares on HoSE, equal to charter capital of 11.75 trillion VND (506.63 million USD).

If approved, the bank will become the 11th bank listed on HoSE and the 20th on the Vietnamese stock market.

The plan has been in place since 2016 after MSB acquired Mekong Bank and the Vietnam Textile and Garment Finance JSC.

By the end of September, the bank had 148.3 trillion VND worth of total assets, up 8 percent over nine months. Total lending rose 19 percent in the nine-month period to 57.8 trillion VND, and the NPL ratio fell to 2.87 percent from 3 percent.

From January-September, MSB earned 2 trillion VND in total net revenue and 868 billion VND in post-tax profit. The figures were up 28 percent and 350 percent from last year.

MSB shares are currently traded on the Over-The-Counter (OTC) market. Its shares traded at 10,500-10,600 VND (0.45-0.46 USD) on November 26.

Previously, MSB shareholders had failed to offload their stakes. Those included the State Capital Investment Corporation (SCIC), the Vietnam Post and Telecommunications Group (VNPT) and the Vietnam Debt and Asset Trading Corporation (DATC).

Meanwhile, the Vietnam Rubber Group – JSC (VRG) will become the third State-owned group to trade shares on HoSE after the National Petroleum Group (Petrolimex) and insurance-finance firm Bao Viet Holdings.

VRG plans to move four billion shares from the Unlisted Public Company Market (UPCoM) to HoSE. The company has filed its listing to the southern bourse regulator for approval.

VRG shares (UPCoM: GVR) ended November 26 at 13,800 VND per share.

The State in early 2018 cut its holding to 96.77 percent in the firm’s charter capital from 100 percent.

VRG debuted on UPCoM in March 2018, becoming the largest firm in terms of charter capital. It has 76 trillion VND worth of total assets.

After three quarters, the group recorded 12.95 trillion VND worth of total net revenue and 2.3 trillion VND in post-tax profit.

Other companies that are switching to HoSE include Duc Giang Chemicals Group, Investment and Industrial Development Joint Stock Corporation (Becamex IDC), and Military Insurance Corporation.

Market volatility

Businesses have delayed HoSE-listing plans in 2019 because market conditions have been quite rough.

The benchmark VN-Index on HoSE gained total 11.5 percent to close November 26 at 979.03 points year-to-date.

Between January 3 and February 25, the VN-Index rose 13.2 percent.

But the benchmark has moved in a wide range between 943 points and 1,000 points ever since.

Large-cap companies have been the driving factor for market growth, with the large-cap VN30-Index moving in the same direction as the VN-Index.

The VN30-Index gained 7 percent between January 3 and February 25 and 12 percent year-to-date.

Meanwhile, the mid-cap VNMID-Index and small-cap VNSML-Index have declined gradually since early March 2019.

The Vietnamese stock market has been pressurised by negative developments of international markets such as the US-China trade war, the protest crisis in Hong Kong and concerns about the global economic recession./.

The Ho Chi Minh Stock Exchange (HoSE) is preparing to receive billions of shares after companies delayed listing plans due to poor trading conditions.

Maritime Joint Stock Commercial Bank (MSB) on November 19 filed to list 1.175 billion shares on HoSE, equal to charter capital of 11.75 trillion VND (506.63 million USD).

If approved, the bank will become the 11th bank listed on HoSE and the 20th on the Vietnamese stock market.

The plan has been in place since 2016 after MSB acquired Mekong Bank and the Vietnam Textile and Garment Finance JSC.

By the end of September, the bank had 148.3 trillion VND worth of total assets, up 8 percent over nine months. Total lending rose 19 percent in the nine-month period to 57.8 trillion VND, and the NPL ratio fell to 2.87 percent from 3 percent.

From January-September, MSB earned 2 trillion VND in total net revenue and 868 billion VND in post-tax profit. The figures were up 28 percent and 350 percent from last year.

MSB shares are currently traded on the Over-The-Counter (OTC) market. Its shares traded at 10,500-10,600 VND (0.45-0.46 USD) on November 26.

Previously, MSB shareholders had failed to offload their stakes. Those included the State Capital Investment Corporation (SCIC), the Vietnam Post and Telecommunications Group (VNPT) and the Vietnam Debt and Asset Trading Corporation (DATC).

Meanwhile, the Vietnam Rubber Group – JSC (VRG) will become the third State-owned group to trade shares on HoSE after the National Petroleum Group (Petrolimex) and insurance-finance firm Bao Viet Holdings.

VRG plans to move four billion shares from the Unlisted Public Company Market (UPCoM) to HoSE. The company has filed its listing to the southern bourse regulator for approval.

VRG shares (UPCoM: GVR) ended November 26 at 13,800 VND per share.

The State in early 2018 cut its holding to 96.77 percent in the firm’s charter capital from 100 percent.

VRG debuted on UPCoM in March 2018, becoming the largest firm in terms of charter capital. It has 76 trillion VND worth of total assets.

After three quarters, the group recorded 12.95 trillion VND worth of total net revenue and 2.3 trillion VND in post-tax profit.

Other companies that are switching to HoSE include Duc Giang Chemicals Group, Investment and Industrial Development Joint Stock Corporation (Becamex IDC), and Military Insurance Corporation.

Market volatility

Businesses have delayed HoSE-listing plans in 2019 because market conditions have been quite rough.

The benchmark VN-Index on HoSE gained total 11.5 percent to close November 26 at 979.03 points year-to-date.

Between January 3 and February 25, the VN-Index rose 13.2 percent.

But the benchmark has moved in a wide range between 943 points and 1,000 points ever since.

Large-cap companies have been the driving factor for market growth, with the large-cap VN30-Index moving in the same direction as the VN-Index.

The VN30-Index gained 7 percent between January 3 and February 25 and 12 percent year-to-date.

Meanwhile, the mid-cap VNMID-Index and small-cap VNSML-Index have declined gradually since early March 2019.

The Vietnamese stock market has been pressurised by negative developments of international markets such as the US-China trade war, the protest crisis in Hong Kong and concerns about the global economic recession./.VNA

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