SK Energy becomes a major investor in PV Oil

Wednesday, Nov 21, 2018 15:28

A PV Oil pipe system. — VNA/VNS Photo Huy Hung

SK Energy Co., Ltd has become a major investor in PetroVietnam Oil Corporation (PV Oil) after the South Korean company completed the purchase of an additional 3.55 million shares of PV Oil to increase its holding from 4.89 per cent to 5.23 per cent.

The deal, in which SK Energy spent a total of VND56 billion (US$2.43 million) to buy the shares at a price of VND15,800 each, was conducted on November 13.

After the deal, SK Energy owns 54.12 million shares of PV Oil.

PV Oil held an initial public offering on January 25. Since then, the firm actively sought strategic investors and SK Energy was among one of four companies that showed interest in buying a larger stake.

In June, PV Oil halted the selection of new investors after the Government did not allow an extension for share offering.

After the IPO, more than 200 million shares of PV Oil were traded on Upcom from March 7 at the reference price of VND20,200 million per share on the first trading day.

PV Oil traded at VND13,600 per share on Wednesday morning. — VNS

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