A PV Oil gas station in the central province of Quang Ngai. (Photo: petrotimes.vn)Hanoi (VNA) - The Vietnam Oil Corporation (PV Oil) successfullyauctioned over 206 million shares in an initial public offering in HCM City on January25.
Domestic and foreign investors paid an average of 20,196 VND per share – thehighest bid was 40,000 VND and the lowest was 19,200 VND — against a startingprice of 13,400 VND.
The sale of a 20 percent stake attracted 3,195 bidders who registered to buymore than 483 million shares, 2.33 times the number on offer.
Foreign investors ended up buying over 68.4 million shares.
The Government managed to raise 4.17 trillion VND (over 184 million USD)from the sale of shares in the subsidiary of the Vietnam Oil and Gas Group.
It was part of Vietnam’s broader equitisation programme that seeks to divestState capital from hundreds of State-owned enterprises.
PV Oil is Vietnam’s sole crude oil exporter and among the country’s top oilproducts retailers with a 22 percent market share. -VNA
