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YEG: Entertainment company Yeah1 lists 27 mln shares on HOSE - 6/27/2018 4:11:53 PM
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Yeah1 Group Corporation listed more than 27.36 million of its shares on the HCM Stock Exchange (HOSE) on June 26, becoming the first ever entertainment company to list.
YEG listed at a reference price of 250,000 VND (10.9 USD), beating the previous records held by Sabeco and Vinamilk. By 10:45 it increased to 300,000 VND.
At that time the company’s market cap was worth 8.82 trillion VND (385.1 million USD).
Established in 2006, Yeah1 runs a bunch of entertainment channels including Yeah1TV, Yeah1family, Imovietv, and SCTV2.
Le Thi Tuyet Hang, Director of the Exchange’s Listing and Disclosure Department, said the listing would help promote the company’s image and prestige and facilitate further capital mobilisation down the line.
HOSE expects it to scrupulously comply with market regulations, she said.
In 2008 DFJ VinaCapital, a venture fund belonging to Vietnam’s leading asset manager VinaCapital, invested in Yeah1.
Last year, Yeah1 reported after-tax profit of 82.3 billion VND on revenues of 851 billion VND (37.16 million USD), with the profit quintupling from the previous year.
For 2018 it has a profit target of 172 billion VND on revenues of 1.6 trillion VND (69.86 million USD).-VNS/VNA
Read original article here
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