| April 2
April 2 Mobile World, Vietnam's top mobile phone
retailer, will list its shares on the Ho Chi Minh Stock Exchange
in June, its chairman said on Wednesday, estimating its value at
$253 million at least.
It plans to list all 62.7 million shares, after a private
placement of 7.5 million shares on Wednesday priced at 85,000
dong each, the basis for his valuation estimate.
"This is reasonable for a company that's growing well at
present and will develop more in the future," Chairman Nguyen
Duc Tai told Reuters by telephone.
The chain, known locally as The Gioi Di Dong, has a 24
percent share of Vietnam's retail mobile phone market.
It reported net revenue of $452 million in 2013 and expects
to reach $600 million this year, with 10 percent from its online
sales, Tai said.
Mobile World, 14 percent owned by local fund Mekong Capital,
plans to use the proceeds from the offering to expand its
network of 213 stores in 63 provinces in Vietnam.
According to the Ministry of Information and
Telecommunication, Vietnam had 131 million registered mobile
phone users at the end of last year, exceeding its 90 million
Mobile World is benefiting from increased consumption and
higher bargaining power with its suppliers but faces stiff
competition from listed firms FPT and Tran Anh
, said Kien Nguyen, an analyst at SSI Securities.
The company is set to join the VN Index in Ho Chi
Minh City, the biggest of Vietnam's two equities markets, some
time in June, Tai said.
Mobile World had wanted to go public in 2012 but held back
because of the stock market's below-par performance at the time,
The VN index has grown 15.7 percent this year, making it
Southeast Asia's best performer and the No. 4 in Asia, according
to Thomson Reuters data.
The index is still down 50 percent from its peak in March
2007 and has a market capitalisation of $49 billion, an eighth
the size of the main indexes of Thailand and Indonesia.
(Additional reporting by Mai Nguyen in Hanoi; Editing by Martin