Saigon Plastic Packaging Co. Ltd. plans to list publicly on a U.S. stock exchange, seeking to raise as much as $10 million to fund expansion.
The Ho Chi Minh City-based firm and its U.S. adviser, Providential Holdings Inc., said in a Feb. 12 news release that Saplastic wants to use the funds to develop new product lines and make acquisitions to become a $100 million company in five years.
Saplastic currently has sales of about $6.5 million and makes plastic packaging, including flexible packaging, calendars, lottery tickets and boxes, according to PHI.
PHI, based in Huntington Beach, Calif., said it will receive stock in the new public company in exchange for helping to prepare the company for a U.S. listing.
``We believe by listing our stock on a U.S. exchange, Saplastic will gain greater visibility, enhanced liquidity and a higher valuation,'' said Thai Q. Duong, Saplastic chief executive officer.
PHI last month said it closed a $31.2 million fund to invest in Vietnam, raising money from Petro Vietnam Finance Corp., Vietnam Postal Finance Corp. and Saigon Brewery Corp.
PHI said it plans to invest the money, in part, in office buildings in Hanoi and Ho Chi Minh City, and in Vietnam's largest private company, Hoang Anh Gia Lai Corp.