Housing developer Khang Dien listed its 33.2 million shares on the board of HCM Stock Exchange yesterday.
Foreign investors represent over 20 percent of KDH's total charter capital of VND332 billion (US$17.9 million). They include Viet Nam Opportunity Fund under VinaCapital's management and life insurer Prudential Viet Nam.
Chairman Ly Dien Son said such strategic shareholders had helped his company map out strong development strategies, especially after the recent economic crisis.
Company Deputy General Director Nguyen Minh Hai said the firm last year earned around VND45 billion ($2.4 million) in net profit. The figure this year is expected to rise sharply to more than VND218 billion ($1.17 million), which will increase to VND272 billion ($14.7 million) in 2011. Shareholders will receive 20 percent dividends for 2010 and 22 percent next year, according to Hai.
Hai explained this year's profits would be higher due to several housing projects which would soon go on sale, including land lots in Khang Dien Phu Huu Topia Garden later this quarter and the villa land lots of Tri Kiet Phuoc Long B in the second quarter, both in HCM City.