Company, bank, stock market briefs July 25
Source: 25/Jul/2008 Intellasia
Jul 25, 2008 - 12:04:36 PM * The State Securities Commission (SSC) recently issued a Decision No 17/UBCK-GP approving the Prudential Vietnam's Securities Fund Management Ltd Co (PVFMC) to scale up its chartered capital to 25 billion dong, a two billion dong higher than the previous chartered capital.

* The Ho Chi Minh Stock Exchange (STC) recently announced that 17 million shares of Anh Duong Vietnam Joint Stock Co (Vinasun-coded VNS) would be officially traded on the southern bourse from July 29 with the comparative price of 60,000 dong per share and trading band of +/-20%.

* Hanoi Securities Trading Centre (HaSTC)-listed The Vietnam Superintendence and Inspection Joint Stock Co (Vinacontrol-coded VNC) recently announced that it would close the shareholders list on August 5 to pay 6% dividend in advance for the first phase of 2008 on August 29.

* Mangan Mineral Joint Stock announced that its MMC coded shares will be listed on the northern bourse (HASTC) from July 28, 2008. With the chartered capital of 12 billion dong, the company this year plans to earn 32 billion dong in net revenue, after-tax profit of 2.93 billion dong, a dividend of 18-22% (also set for years of 2008-2010).

* Listed firm Tan Binh Culture Joint Stock Co (coded ALT) will inaugurate the Alta Plaza trade and entertainment centre and put Cinema 4D TurboRide into operation on July 26. In March-June, ALT reached 44.48 billion dong in net revenue from sales and service provision, up 3.01% against the same period of 2007, and 3.24 billion dong in after-tax profit. The figures were estimated at 96.4 billion dong and 6.17 billion dong in the first half of 2008.

* Song Da 9.09 Joint Stock Co released the second quarter business results with 28.9 billion dong in net revenue from sales and service provision, 7.4 billion dong in after-tax profit and EPS of 4,937 dong. Thus, during the first half of 2008, the figures are recorded at 43.8 billion dong, 11.1 billion dong and 7,456 dong.

* Dung Quat Brewery will send the first shipment of 5,000 Ping Light beer cartons worth US$25,000 to Japan early next month. The new product line is manufactured by a joint venture between the brewery and Japanese food processor Nihonbashi.

* State-run oil and gas giant PetroVietnam will begin extracting 30,000 barrels of crude oil a day from Su Tu Vang offshore oilfield in September.

* HCM City Urban Drainage Co has begun using a 28.5 billion dong German-made robot for underground digging.

* Dao Huong Cotp will spend 29 million euro building an instant coffee processing factory in the Lao province of Champasak. The factory is scheduled for completion in two-years.

* Laos-Vietnam Joint Venture Bank has inked a memorandum of understanding with Western Union to serve as an agent of express money transfer service.

* Hong Kong & Shanghai Banking Corp (HSBC) on July 24 signed a deal with Bao Viet Insurance Corp to co-provide insurance services for shipments, marking one of the first foreign banks distributing the shipment insurance service to Vietnamese enterprises.

* State Bank of Vietnam's governor on July 23 issued Document No 6704/NHNN-CNH approving Singaporean United Overseas Bank Limited (UOB) to buy extra 5% into the Southern Bank's chartered capital of over 1.434 trillion dong, bringing the foreign investor's size in the local bank from 10% to 15%.

* State Bank of Vietnam in conjunction with International Finance Corp (IFC) on Wednesday held a conference titled "Aid in domestic currency based on swap tool and risk management products" giving overview on credit products of domestic currency swap that IFC wants to provide in Vietnam.

* Newly established bank TienPhongBank recently was reported to meet all terms to provide foreign currency services, according to State Bank of Vietnam's Document No 6703/NHNN-CNH dated July 23, 2008.

Sources: Thoi Bao Kinh Te Vietnam, Lao Dong, Nguoi Lao Dong, Dau Tu, Dau Tu Chung Khoan, Tuoi Tre, Tin Tuc, Nhan Dan, Vietstock, SSC, VCBS, HaSTC.