(SGT-HCMC) Binh Duong Province-based ICA will become the first private pharmaceutical firm to list on the Vietnamese stock exchange.Speaking at a function held last week to announce the conversion of the limited liability company into a shareholder-owned concern, Ngo Van Toan, general director of ICA, said listing on the HCMC Securities Trading Center in the third quarter would facilitate capital mobilization.

This is a preparatory step for ICA to list on the regional stock exchanges, such as the Singapore Exchange, he said.Toan said that in March ICA increased its registerd capital from VND 69 billion to VND 116.5 billion, and planned to increase the figure to VND 200 billion (US$ 12.5 million) in time for the planned August listing on the HCMC bourse.Shares worth VND 83.5 billion in terms of face value will be issued in the initial public offering (IPO).Nguyen Viet Hung, ICA project development director, said listing on the stock exchange would create chances for ICA to raise capital from the public for business expansion.

ICA announced nine investment projects for the 2007-2009 period with total capital of more than US$40 million and said several of them were underway.These projects include installing a production line for Tobicom eye tonic, new equipment for capsule and granulated medicine production and a packaging line, and constructing a factory for manufacturing Chndroitin, a main material for Tobicom production.Toan said ICA was looking to obtain total revenue of VND 360 billion this year.