Vinamilk Delays Singapore Share Listing

HCM CITY, Nov 17 Asia Pulse - Vietnam Dairy Product Joint Stock Company (Vinamilk) has announced it will postpone listing on the Singapore Stock Exchange due to the unpredictable fluctuations on the global market.

At the end of October, the dairy producer received approval from the Singapore Stock Exchange to list 8.76 million shares, equivalent to 5 per cent of its charter capital, which would have made it the first Vietnamese company to list on that exchange.

"The overseas listings will help us advertise our trademark on the global market, leading to a business expansion in the future, said Mai Kieu Lien," general director of Vinamilk.

"This would also have been an opportunity to promote the company's business model and management, contributing to greater competitiveness on both the domestic and overseas markets," added Lien.

"However, due to the global credit crunch which has been drowning worldwide equity markets, we have decided to delay the listing to a better time to achieve the most effective result through the listings," she added.

In the first 10 months of this year, the company generated 7.07 trillion VND (US$420.82 million), representing almost 87 per cent of the yearly target. The company also earned 1.25 trillion VND of pre-tax profit.

(VNA)