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GBS - Vietnam National Textile and Garment Group, or Vinatex, will launch an initial public offering (IPO) on July 22, one year slower than earlier scheduled, the Saigon Times Daily reported.

Vinatex said on June 16 that it plans to hold a pre-flotation briefing on June 23 and organize seminars to introduce investment opportunities in the group in Hanoi and Ho Chi Minh City on July 2 and 4 before the IPO on the Ho Chi Minh Stock Exchange.

According to Vinatex’s equitisation plan approved by the Government, the group has total chartered capital of 5 trillion VND. After the group goes public, the State will retain a 51 percent stake while 24 percent will be offered to strategic investors, 24.4 percent put up for public tenders and 0.6 percent sold to employees.

Vinatex has completed divestments from financial and credit institutions, recovering over 85 percent of capital in the sectors so far in line with Decision 320/QD-TTg of the Prime Minister.

Vinatex is expected to obtain 25.2 trillion VND in revenue in the first half this year, up 10 percent year-on-year. Its domestic earnings are put at 11 trillion VND, a year-on-year increase of 10 percent.

Vinatex’s export revenue is estimated to reach 1.62 billion USD in the first half of this year, up 15 percent over the year-ago period. Its major exports include the United States, Europe, Japan and the Republic of Korea (RoK), with shipments to RoK gaining the highest growth rate of 30.1 percent to 874 million USD.

Vinatex said outbound sales from the United States had soared 14.5 percent and accounted for up to 44.5 percent of the group’s total export revenue in the January-June period.

-VNA

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