Nov 23 (Reuters) - Thai Hoa Vietnam Group Co, of the country's largest coffee exporters, has secured initial approval for its domestic share listing, the exchange said.
The Hanoi Stock Exchange granted Thai Hoa an initial approval to list 55 million shares, representing the company's registered capital of 550 billion dong ($28.2 million), it said in a statement seen on Tuesday.
Thai Hoa Chairman and Chief Executive Nguyen Van An told Reuters last week that the Hanoi-based firm planned to make its share debut in December.
VinaCapital Group, an asset management firm, has bought a 10 percent stake in Thai Hoa, An said.
Coffee exporters in Vietnam, the world's second largest producer of the commodity after Brazil, are trying to raise funds via stock listings or share auctions ahead of a major robusta crop as banks tighten lending to avoid bad debt. [ID:nSGE69E021]
Thai Hoa's debut would coincide with the peak of the coffee harvest in Vietnam's Central Highlands, where prolonged rains since late October had prevented growers from going to their farms to pick cherries and also delayed cherry ripening process.
On Tuesday, robusta prices fell 3 percent from the previous day to 34.1-34.2 million dong ($1,750) per tonne, tracking a drop on London's robusta futures market where January contract LRCc2 lost $62 to end at $1,848 per tonne.
Going by Tuesday's market price, Vietnamese exporters would need as much as $2.08 billion to buy all the crop, which could rise 2.3 percent from the previous season to 19.77 million 60-kg bags, based on a Reuters poll [ID:nHAN255966] in October.
VinaCapital runs three fund units listed on London's junior stock market, namely Vinaland Ltd (VNLq.L), Vinacapital Vietnam Opp Fund Ltd and Vietnam Infrastructure Ltd (VNIq.L). ($1=19,490 dong)
(Reporting by Ho Binh Minh; Editing by Lincoln Feast)
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