Steel Industry News
Steel giant Pomina makes IPO in HCM City
Wednesday, 21, April 2010
Pomina Steel Corporation made its initial public offer yesterday on the HCM City Stock Exchange.POM shares gained the maximum 20 per cent on their opening day, closing at VND48,000 per share, but on a miniscule volume of 23,510 shares, worth just VND1.13 billion (US$59,473).Founded in 2008, steel producer Pomina has charter capital of VND1.63 trillion ($85.8 million). Viet Steel Co Ltd is the leading shareholder, holding a 60.2 per cent interest.
Pomina owns a pig iron processing plant with a capacity of 500,000 tonnes per year, and two steel plants, each producing 1.1 million tonnes per year, including 600,000 tonnes of construction steel.This gives Pomina a 14.3-per-cent market share, a figure that rises to 33.5 per cent in the southern region.Saigon Securities Inc steel industry analyst To Thuy Linh said that the business growth of Pomina would be even more impressive once the steel industry's prospects improved.
