Phu Tho Tourist to launch IPO

Phu Tho Tourist to launch IPO

Phu Tho Tourist Company will sell 30.26 million shares in its initial public offering on December 31.

Phu Tho Tourist operates the well-known Dam Sen Cultural Park in HCM City.-Photo PTT

The company, which is operating and managing Dam Sen Cultural Park in HCM City, will offer the shares for a starting price of VND12,000 ($0.53) each.

Under the plan, the state will hold 49 per cent of the charter capital, or VND581.55 billion ($25.8 million), while the company will issue additional shares to raise capital. The company will offer to strategic shareholders 28.26 million shares, or 23.81 per cent, and two million shares, or 1.69 per cent of the stake, to employees.

Though Phu Tho Tourist did not announce its strategic shareholder list, Sacombank disclosed its intention in early October to partner with the company.

As a subsidiary of Saigon Tourist Travel, the company, established in 1989 in HCM City, is involved in entertainment services, food restaurants, hotels and other businesses.

Currently, it manages Dam Sen Cultural Park, Vam Sat mangrove forest ecotourism, Dam Sen tourism service centre and Orchid Restaurant, besides Dam Sen Restaurant, Ngoc Lan Hotel, Phu Tho Hotel and Sen Plaza wellness and leisure centre.

In recent years, the company has earned VND450 billion ($19.9 million) in revenue and VND100 billion ($4.4 million) in after-tax profit.

After equitisation, PhuTho Tourist aims to achieve exponential growth, with sales in 2019 expected to reach VND1.11 trillion ($49.2 million) and after-tax profit of VND370 billion ($16.4 million).

Phu Tho also plans to buy more stakes to own up to 45 per cent in another Dam Sen water park. It will also have 30 per cent investment in the Saigon Sports Hotel Complex and other projects.

Source VNS

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