29 June 2007 - Vietnam's fourth-largest dairy product maker, Nutifood, plans to hold a maiden share auction and list on the Ho Chi Minh Stock Exchange in the fourth quarter of this year, a company spokesman said on Friday.
"We are still working with our IPO advisor on the details of the auction and we aim to float Nutifood shares in the fourth quarter," he said.
The Ho Chi Minh City-based firm, which has a registered capital of VND120 billion ($7.4 million), expects its profit to rise 69 percent to VND44 billion ($2.7 million) this year from 2006.
"Our target is to grow our business by between 30 percent to 35 percent per year in the next couple of years," the spokesman said, adding the firm had set up about 60,000 outlets for its products which include milk powder and other nutrition drinks.
Nutifood shares are being traded on the unofficial market at around VND60,000-90,000 ($3.7-$5.6) each.
The company plans to invest about VND205 billion ($12.7 million) in a dairy processing plant in the southern province of Binh Duong near Ho Chi Minh City.
The domestic market for dairy products is dominated by Vinamilk which commands a lion's share of 75 percent.
Other competitors include Dutch Lady Milk Industries Bhd and Abbott Laboratories.