Wednesday,  Oct 24, 2018,03:13 (GMT+7) 0 0
Govt gets VND4.17 trillion from PV Oil stake sale
Minh Tam
Friday,  Jan 26, 2018,22:53 (GMT+7)

Govt gets VND4.17 trillion from PV Oil stake sale

Minh Tam

HCMC – The Government fetched more than VND4.17 trillion (US$183.7 million) from the sale of a stake in PetroVietnam Oil Corporation (PV Oil) on January 25.

State-owned PV Oil launched its long-awaited initial public offering (IPO) on the Hochiminh Stock Exchange on January 25.

The corporation sold more than 206.8 million shares to 1,333 individuals and 45 organizations at home and abroad. Foreign investors alone acquired 68.5 million shares.

The shares were equivalent to 20% of the company’s chartered capital and offered at a reserve price of VND13,400 (US$0.58) per share.

Investors spent VND19,200 to VND40,000 buying a share, so its average price was around VND20,196 (US$0.88), way above the reserve price. The stake sale brought the Government over VND4.17 trillion.

PV Oil general director Cao Hoai Duong said the company received 10 requests to become strategic investors, with half of them foreigners and oil giants.

The company plans to list on the stock market after finishing the IPO and listing shares on the market for unlisted public enterprises, or UPCoM.

PV Oil is a local fuel distributor with a 25% market share. It is also an exclusive oil exporter of Vietnam. The corporation has 28 affiliates and 11 associated companies. Besides, it owns shares in 540 gas stations and more than 3,000 agents.

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