Engineers work at Dung Quat Oil Refinery of Binh Son Refining and Petrochemical Corporation (UPCoM: BSR). (Photo: VNA)Hanoi (VNS/VNA) – The Binh Son Refining and Petrochemical Corporation(BSR) has filed for listing on the Hanoi Stock Exchange, the northern marketregulator said on June 2.
The company plans to list more than 3.1 billion shares on the northern stockmarket, representing its charter capital of 31 trillion VND (1.34 billion USD).
BSR is trading its shares on the Unlisted Public Company Market (UPCoM) withcode BSR.
If approved, BSR will become the largest listed firm by charter capital on the HanoiStock Exchange (HNX).
The two largest ones now are Asia Commercial Bank (ACB) with 1.66 billionshares and Sai Gon-Hanoi Bank (SHB) with 1.46 billion shares.
BSR shares soared 7.5 percent to trade at 7,200 VND apiece on June 3.
The largest refining and petrochemical firm debuted on UPCoM on March 1, 2018at 31,300 VND per share.
Prior to its debut, BSR in January 2018 sold 241.5 million shares or 7.7 percentstake to gain 5.56 trillion VND for the State.
The company last year earned 102.8 trillion VND worth of total revenue and 2.87trillion VND worth of post-tax profit.
Last year’s total revenue increased nearly twice from 2018’s figure and totalpost-tax profit jumped nearly 13 times.
The company has trimmed its total revenue and post-tax profit targets for 2020by 21.5 percent and 59 percent on-year to 80.7 trillion VND and 1.18 trillionVND, respectively, if crude trades at $60 a barrel on average in the year.
In January-March, BSR recorded a net loss of nearly 2.35 trillion VND as oilprices dropped sharply from an average of 67 USD a barrel at the end of 2019 to31.8 USD a barrel in the first three-month period, caused by the globalcoronavirus outbreak, which dampened global trade and economic growth.
Despite the recovery, BSR estimated it will suffer a loss of 2 trillion VND inthe second quarter. According to Bao Viet Securities Co (BVSC), the globalpandemic may be controlled in the remaining months, global trade and crudeprices will recover and move up steadily.
BSR is also expected to develop a plan in which its parent National Oil and GasGroup (PetroVietnam or PVN) will cut its ownership in the firm from 92.12 percent./.
VNA
