Business, banking and stock market report July 29

29-Jul-2009 Intellasia | | 7:44 PM Print This Post

* Nguyen Tuan Hung, board member of Alphanam Co. (ALP), has transferred nearly 1.28 million ALP shares to Nguyen Ngoc My to reduce his holdings to 22,000 shares.

* SSI Fund Management Co and its SSI Horizon Fund have sold over 191,400 shares of Savimex Corp. (SAV) to decrease their ownership from 5.93% to 3.92%. Meanwhile, the institutions have decreased their ownership from 8.53% to 6.58% in National Seeds Co. (NSC).

* Viet Dragon Securities Co has bought 124,500 shares of Rang Dong Light Source and Vacuum Flask Co. (RAL) to increase its ownership from 6.5% to 7.58%.


* Tan Dai Hung Plastic Co (TPC) has asked for approval from the Hochiminh Stock Exchange (HoSTC) to postpone its second quarter financial report until August 30 as its report is being audited.
* Vietnam Machinery Installation and Assembly Corp (Lilama) announced that the company gained total production value in the first six months of this year of 6.822 trillion dong, total revenue of 5.276 trillion dong and pre-tax profit of 123 billion dong.

* Vina Star Motors Co (Vinastar) has officially introduced the new Zinger models – Zinger GLS AT in Vietnamese market. Zinger GLS AT model is produced with advanced and modern safety equipment such as safety airbags and automatic anti-lock braking system (ABS) combined with electronic brake force distribution system (EBD).

* Vinaship Shipping Joint Stock Co (coded VNA) has announced that the company suffered a loss of 17.35 billion dong in Q2 of 2009. The company reported accumulative loss of 15.825 billion dong in the first six months of the year.

* HP Joint Stock Co and Quang Ngai Province’s Department of Industry and Trade have joined forces to kick-start the construction of Song Rieng Hydropower Plant worth over 67 billion dong in Tay Tra District. The plant is expected to be completed next year.

* Asia Huu Lien Joint Stock Co. exported 430 tonnes of steel pipe worth about US$330,000 for use in manufacturing furniture to the US in the last quarter, according to Phan Van Dung, the company’s chief financial executive. If the consignment is approved by the U.S., the company may clinch a deal for long-term cooperation with the American partner.

* The branch of the Vietnam Bank for Agriculture and Rural Development in the Mekong Delta’s Vinh Long Province will disburse 16.3 billion dong for farmers to buy 54 agricultural machines this year. The bank in the first half funded over 41 billion dong for the purchase of 355 agricultural machines.

* Malaysia’s Lion Group, co-investor of the US$9.8 billion Ca Na Steel Complex project with Vietnam Shipbuilding Industries Corp. (Vianshin) in Ninh Thuan Province’s Ninh Phuoc District, has been asked to explain the slow progress of the project or have their investment license revoked. The first stage of the complex with annual capacity of 4.5 million tonnes that broke ground in November has received funding of about 84 billion dong by Vinashin for site clearance.

* Global accounting organization Grant Thornton has announced that a growing number of Vietnamese companies are complying with the International Financial Reporting Standard for small and medium-sized entities (IFRS for SMEs), especially foreign-invested companies. Grant Thornton also said the International Accounting Standards Board has published the new IFRS for SMEs, which provides a substantially simplified set of internationally recognized accounting principles.

* The establishment of Bat Dau Mot Giac Mo Construction Co. Ltd. invested by four Korean individuals has been rejected by the Ministry of Construction as they lack documentation proving their experience in the sector.

* Nam Bay Bay Investment Joint Stock Co (coded NBB) has announced that it reached about 31 billion dong in profit in the first six months of this year, down 12.3 percent year-on-year. The company’s H1 revenue was recorded at around 153.3 billion dong, up 94.8 percent against the same period of last year, in which 63.2 billion dong was revenue from land use right transferring, about 87.2 billion dong of revenue from Carina Plaza project, and the rest of 2.9 billion dong from construction and production contracts.

* PetroVietnam Technical Service Joint Stock Corp (PTSC-coded PVS) yesterday July 27 announced that its board of directors have passed plan to set up branches in Venezuela and Cuba. Thus, along branches in Southeast Asia, PTSC is seeing potential markets via opening new branches in Central and South of America.

* Vietnam National Oil and Gas Group (PetroVietnam- PVN) and Vietnam National Coal and Mineral Industries Group (Vinacomin) yesterday July 28 signed a strategic cooperation agreement in order to strengthen the bilateral relationship between the two partners.

* As reported, in Q2 Binh Dinh Mineral Joint Stock Co (coded BMC) gained 23.87 billion dong in net revenue from sales and service provision, down 2.95 billion dong or 11 percent in comparison with the same period last year but threefold increase as against Q1. Thus, in H1, BMC’s revenue was 31.91 billion dong, falling 22.73 billion dong or 41.6 percent year-on-year.

* Euromoney Finance Magazine has recently granted the Best Bank in Vietnam prize to Asia Commercial Joint Stock Bank (ACB) in 2009, marking the third time that ACB has received this prestigious prize this year. ACB has the best Return on Equity (ROE) and Return on Assets (ROA) as against other banks in the same group.

* Tien Phong Commercial Joint Stock Bank (Tienphongbank) recently announced that it will scale up its chartered capital from one trillion dong to 1.25 trillion dong in the first phase and from 1.25 trillion dong to 1.75 trillion dong in the second stage.

* HCM City Housing Development Commercial Bank (HDBank) has got approval from the State Bank of Vietnam to open a branch in Ba Ria-Vung Tau Province.

* Saigon Commercial Bank (SCB) has mobilised 32 billion dong after one week deploying the charity program in collaboration with HCM City Youth Union. Under the program, for every one million dong deposited at the bank for one-month term, the lender will set aside 500 dong to the fund for poor students. After a week, the fund has mobilised over 32 million dong. Meanwhile, Maritime Commercial Bank has mobilised one trillion dong after three weeks carrying out the promotion program of giving cash for depositors.

 


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