ICA Biotechnological Pharmaceutical Joint-stock Company is set to become the first private pharmaceutical firm to list on the Vietnamese stock exchange in August, this year.Aiming for a 15 per cent share of the Vietnamese pharmaceutical market by 2009, ICA recently increased its chartered capital from VND 68.88 billion ($4.3 million) to VND 116.5 billion. This will rise again to VND 200 billion when it lists on the stock market in August.

The owners’ capital will be restructed so that 59 per cent belongs to investors, while ICA emplyees, foreign pharmaceutical companies, international and local capital funds and other business organisations and investors will hold 41 per cent.“Listing on the stock exchange will open up opportunities for capital and technology mobilisation, driving new projects towards the ICA community.

This is an intermediate stage towards listing on a regional stock exchange in early 2008,” said ICA general director Ngo Van Toan.At a meeting with investors, ICA revealed its development plan for 2007-09. The $50 million plan includes a $3 million franchising deal for foreign medicines to be made in Vietnam and a $12 million retail system in Ho Chi Minh City, Hanoi, Haiphong, Danang and Can Tho.According to a financial analyst of the Saigon Securities Inc. (SSI), the Vietnamese pharmaceutical market is developing at a rate of 50 per cent per annum.