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Home / Investment / News
Retail investors snap up Bach Dang Construction's shares
Ngoc Thuy 00:21, 2018/06/19
The auction attracted 37 investors registering to purchase 83.57 million shares of Bach Dang Construction Corporation, four times the amount of shares put on sale by the Ministry of Construction, announced the Hanoi Stock Exchange (HNX).
Three investors registered to acquire 13.73 million shares, accounting for 16.4% of the total shares on offer, while 34 individual investors opted to purchase 69.84 million shares. 
 
Illustration photo.
Illustration photo.
Eventually, only 10 individual investors successfully acquired the entire 20.56 million shares offered by the Ministry of Construction, which represents the government ownership in Bach Dang Construction Corporation. 

The average winning price was VND26,282 (US$1.15) apiece, nearly doubling the initial price of VND13,300 (US$0.58). 

Notably, no foreign investor won bids for shares of Bach Dang Construction. After the transaction, the Ministry of Construction unloaded the entire 94.61% stake in Bach Dang Construction Corporation, fetching VND540 billion (US$23.62 million).

Bach Dang Construction Corporation, formerly known as Construction Company No.16, was established in 1958. 

In 2013, the company was privatized and renamed Bach Dang Construction Corporation, and two years later, it went public. 

At present, Bach Dang Construction Corporation's charter capital stands at VND217 billion (US$9.5 million).

Its core business include civil and industrial engineering, transportation, urban infrastructure and industrial parks, mining, marine transport, real estate and tourism. 

In 2017, the company's total production value reached over VND7.2 trillion (US$315 million), up 5% as compared with the year target. Its revenue and pre-tax profit were reported at VND4.8 trillion (US$210 million) and VND67.32 billion (US$2.94 million), respectively. 

Bach Dang Construction Corporation set its revenue target in 2018 of VND3.56 trillion (US$155.7 million), up 60.82% year-on-year and after-tax profit of VND20 billion (US$875,000), representing an increase of 35.6% against 2017.
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