VIETNAM: Vinatex extends deadline for IPO
The Vietnam National Textile and Garment Group (Vinatex) has extended the date for its initial public offering by two months to give investors more time to evaluate the firm's performance.
The Hanoi-based company said the company's Prime Minister has approved the extension. The decision was made following two roadshows held this month, during which the company exchanged and received feedback from investors.
The original date for the IPO was set for 22 July. The new deadline for deposit will now be 12 September and the auction will take place on 22 September.
It will offer 24.46% of the company, or 122m shares, at a starting price of VND11,000 (US$0.52) per share.
Vintex noted that 24% would be sold to investors, and 0.46% to employees. The state will retain 51%.
The company will likely list in three years as the process in Vietnam can take longer, with an IPO and listing two separate processes.
Vinatex may also be hoping the IPO will accede with the agreement of the Trans-Pacific Partnership (TPP), which has been under negotiation for five years.
Once approved, it will make Vietnamese garments more competitive than those of China, where Vinatex currently imports a lot of its materials.
Vietnam's textile industry produces for over 50 countries around the world, with the US its largest export market after China.
The country is one of 12 negotiating the TPP trade agreement. Its implementation is expected to boost exports.
The Vietnam National Textile and Garment Group (Vinatex) has met with the Vietnam Oil and Gas Group (Petrovietnam) to discuss cooperation in the production and supply of polyester fibres to the textil...
Vietnam has become the second largest source of foreign textiles and clothing in the US market and has established a strong presence in the Japanese and European markets, especially for clothing. Also...
The Vietnam National Textile and Garment Group (Vinatex) is hoping a planned initial public offering will help boost earnings and allow it to invest further in the business....
Apparel specialist retailers witnessed a current value decline of 6% from 2011 to reach sales of below VND23 trillion in 2012. Decline was due to the economic slowdown. In 2012, the Vietnamese economy...
- Improved supplier capabilities benefit Next
- Next H1: What the analysts say
- China and Vietnam lead US apparel imports in July
- THE FLANARANT: Understand win-win or lose out
- Abercrombie & Fitch to lose logos in fashion focus
- Hanesbrands axes Costa Rican jobs in Vietnam move
- Brandix selects first "game-changing" innovations
- Apparel fuels global manufacturing downturn
- VF taps Nike exec to lead innovation centres
- Bagir to invest in Ethiopia as H1 loss deepens
- Wool in the 21st Century: new prospects for a familiar fibre
- Apparel Market in China to 2018 - Market Size, Trends, and Forecasts
- Global market review of denim and jeanswear – forecasts to 2020
- Global Database of the Top 1000 Apparel Producers - Company Names, Financial Performance, Key Executives, and Contact Details
- Global Database of the Top 1000 Cut and Sew Apparel Producers - Company Names, Financial Performance, Key Executives, and Contact Details