Over US$320 mln collected from PetroVietnam subsidiaries’ IPOs
As much as VND7.45 trillion (US$320.5 million) were collected for the State budget from the initial public offerings (IPOs) of three member companies of the Vietnam Oil and Gas Group (PetroVietnam) in the first six months of 2018.
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The information was revealed by Dinh Van Son, member of PetroVietnam’s Member Council at a conference to review the equitisation of PetroVietnam Oil Corporation (PVOil), PetroVietnam Power Corporation (PV Power) and the Binh Son Refining and Petrochemical One Member Co Ltd (BSR) in Hanoi on August 17.
Accordingly, BSR successfully auctioned 241,427,969 shares or 7.79% of its charter capital, for over VND5.4 trillion (US$232.4 million), bringing in a surplus of VND3.15 trillion (nearly US$135.49 million).
Meanwhile, PV Power and PVOil also held the auctions of 467,802,523 shares and 200,445,036 shares, earning VND2.3 trillion (over US$98.9 million) and VND2 trillion (over US$86 million) in surplus, respectively.
Addressing the conference, Chairman of PetroVietnam Tran Sy Thanh affirmed the equitisation helped promote the restructuring in these enterprises, thus improving the efficiency of their operation in the context of increasing competition in the oil and gas market.
Under a roadmap of comprehensive restructuring of PetroVietnam by 2020 with a vision to 2025, the group will carry out the equitisation to divest capital from its member companies, thus fine-tuning the quality of corporate governance.
Implementing the Government’s direction on the equitisation of PetroVietnam’s subsidiaries, the group’s Steering Committee for equitisation has closely worked with relevant units to organise Roadshows which aim to introduce stock investment opportunities in the oil and gas industry.
PetroVietnam continues its operation in the key fields of oil and gas exploration, exploitation and production, while working to maintain the stability of its financial structure and gradually streamline its organisational apparatus.
