The real estate development and financial conglomerate Ocean Group will list 250 million shares on the HCM City Stock Exchange on May 4, the company announced at a conference in Ha Noi this week.
"The listing will offer our company an effective channel to raise capital and enhance our position in the domestic market," said group chairman Ha Van Tham.
The shares, to be coded OGC, will be listed with reference price for the first trading session of VND30,000 (US$1.58) per share, with the value during the first day of trading allowed to fluctuate by plus-or-minus 20 per cent.
Established in 2007, Ocean Group has five major subsidiaries, including Ocean Bank, Ocean Securities Co and Ocean Real Estate. Its real estate projects included the 1,176sq.m VNT Tower Nguyen Trai, the Starcity Le Van Luong commercial and residential complex, and the Minh Duc Industrial Park in the northern province of Hung Yen.
Last year, Ocean Group earned VND45.9 billion ($2.4 million) from sales and services and posted a net profit of VND44 billion ($2.31 million).
Ocean Group increased its charter capital from VND1.96 trillion ($104 million) to VND2.5 trillion ($132 million) in February and is expected to increase capital to VND3 trillion ($158 million) by 2011.