PV Oil's petrol warehouse in Ho Chi Minh City's Nha Be district (Source: VNA)Hanoi (VNA) – Trading of shares of the PetroVietnam Oil Corporation(PV Oil), Vietnam's second largest petrol distributor, officially started onthe Unlisted Public Company Market (UpCOM) on the morning of March 7, more thanone month after its initial public offering (IPO).
PV Oil floated 200.4 million shares on the UpCOM at aninitial price of 20,200 VND (0.89 USD) a piece.
PV Oil’s IPO on January 25 was a success with all its nearly207 million shares on offer sold at an average price of 20,196 VND, compared tothe asking price of 13,400 VND.
The company will sell more than 462 million shares, or 44.72percent of its charter capital, to strategic investors. Under PV Oil’s approvedequitisation plan, it will have charter capital of 10.342 trillion VND (455 million USD)
PV Oil currently operates 540 petrol stations across thecountry. It is among the country’s top oil products retailers with a 22 percentmarket share.
In 2017, PV Oil reported a consolidated revenue of 56trillion VND (2.46 billion USD) with a pre-tax profit of 405 billion VND(178.02 million USD).
This year, the firm expects to earn 41 trillion VND (1.8billion USD) in revenue and 340 billion VND (149.45 million USD) in pre-taxprofit.
PV Oil is the third large-scale firm listing on the UpCOMthis March, following Binh Son Refining and Petrochemical Company Limited(BSR), which was listed on March 1, and PetroVietnam Power Corporation (PVPower) listed on March 6.-VNA
VNA
