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Vietnamese confectionery hits the stock market

20-Nov-2001

Vietnamese confectionery firm Bien Hoa Biscuit and Candy Co, or Bibica, said on Tuesday it had received a licence to list on Vietnam's fledgling stock exchange.



A company official told Reuters the licence was granted by regulator the State Securities Commission on Monday. Brokers expect the share to debut early next month.



Vietnam opened its first stock exchange in July last year. Trade is currently confined to seven shares. An eighth firm, Danang Plastics Co, is expected to list late this month.



Bibica, based in the southern province of Dong Nai, produces and exports candy and biscuits. It has registered capital of 56 billion dong (4.21 million euros).



The state holds a 3.5 percent stake in the firm, employees 30 percent and outsiders the rest.



Early this month the Saigon Times Daily reported that Bibica planned to pay a dividend of 12 per cent this year. In September the paper said Bibica expected revenues this year to rise 20 per cent on the year to 200 billion dong (15.07 million euros). (1 euro = 13.273 dong)

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