Becamex to move over 1 billion shares to Vietnam’s main stock exchange

Photo courtesy of Becamex
The Ho Chi Minh Stock Exchange has accepted the developer’s request to list more than 1 billion BCM shares, with a total charter capital of $446 million, according to exchange filing.
The developer conducted IPO in 2017, offering 23.6 percent shares, but investors purchased only 6 percent.
Since its listing in 2018, the company’s stock price has increased 13 percent. Its current market capitalization stands at nearly $1.3 billion.
After nearly two years of trading on UpCOM, BCM has witnessed a strong rally, peaking at VND35,000 per share, currently falling to the price area of VND27,000 ($1.16) each share.
Becamex recorded a 24 percent year-on-year rise in its net profit in the first nine months of 2019, to $75 million, surpassing the target for the entire year.
The firm is known as the local partner of private equity major Warburg Pincus in its $200-million logistics joint venture, BW Industrial JSC.
The JV has 230 hectares of projects across the country and plans to add 170 hectares more to its portfolio. Most recently, it has partnered with e-commerce and logistics firms Shopee and BEST Inc to provide warehouse space for the latter two, Deal Street Asia says.
Becamex IDC Corp was established in 1976. After more than 40 years of construction and development, the firm has become a prestigious firm in investment and development of industrial park, residential, urban and transport infrastructure.
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Huyen Hoang