Hanoi Securities Transaction Centre has reported successfully auctioning two million shares of the Cao Son Coal Co on October 19 at the average bid won price of 34,657 dong of which foreign investors won 79% of the offered amount equalling to 1,575,600 shares.
Cao Son Coal was officially restructured and became the independent subsidiary under the Vietnam Coal and Mineral Group (Vinacomin) from September 1996. The company is specialised in coal mining.
The company has gained high year-on-year revenue growth of 35% in recent years. In 2005, the after-tax profit gained 22.67 billion dong, 1.2 times higher than 2004 and 7.4 times higher than 2003.
After equitisation, Cao Son Coal will continue to expand production and trading activities at the same time to preserve and develop their capital. The company plans to pay the dividend of 12% a year.